ATM fees 5 dollah make you holla!

[Eaglestrike]

Why do people use out-of-network ATMs? Unless you moved and haven't switch banks to one with a better presence in your area, there's no excuse for using an out-of-network ATM and wasting $$$ on those fees.

Yeah this. I'm with PNC and can completely understand their change in policy and explanation.

[Drex]

What's the reasoning for this? I don't know enough about banks and how they make money to understand why this benefits them.

step 1) offer to hold onto people's money for them, giving them a small amount of interest for doing so
step 2) loan that money out to other people at a much higher rate of interest
step 3) impose as many restrictions and inconveniences as possible on both people, and fee them if they encounter those inconveniences and restrictions
step 4) tell people how wonderful you are at doing these things and how scary/stupid it is to do anything else
step 5) do this for a few hundred/thousand years
congratulations, you are now a wealthy bank, no ??? necessary

[Conrad]

Why do people use out-of-network ATMs? Unless you moved and haven't switch banks to one with a better presence in your area, there's no excuse for using an out-of-network ATM and wasting $$$ on those fees.

Anyone living between Virginia & New Jersey/PA could tell you how convenient the PNC ATMs are at Wawa. I have TD, was incredibly bummed about this change for that reason alone.

[Woozie]

step 1) offer to hold onto people's money for them, giving them a small amount of interest for doing so
step 2) loan that money out to other people at a much higher rate of interest
step 3) impose as many restrictions and inconveniences as possible on both people, and fee them if they encounter those inconveniences and restrictions
step 4) tell people how wonderful you are at doing these things and how scary/stupid it is to do anything else
step 5) do this for a few hundred/thousand years
congratulations, you are now a wealthy bank, no ??? necessary

So I'm guessing there would be a fee for going over the 50 dollar cap?

[Drex]

So I'm guessing there would be a fee for going over the 50 dollar cap?

of course
then later, if enough people complain, they can remove/lower the fee (or remove the cap itself) and talk about how in touch with their customers' concerns they are. they might even change their slogan to "we care". most of their money comes from mortgages and loans (that they use other people's money to give out in the first place) though, so the fees are really just supplemental income.

[foopy]

don't use chase atm if you aren't a customer.

problem solved.

[Plow]

Is it sad that the first thing I thought when I heard about the discussion on capping ATM fees was "Holy shit does that mean the strip clubs won't have $10 ATM fees anymore?"

[Minions]

TD Bank was awesome for their no fee ATMs out of network. They finally ended that, though it's possible to have that on their premiere checking which requires you a minimum balance of $2500. It's not that bad.

Actually the sad part is it actually cost me less to get cash from a ATM in a Casino than one in a strip club.

[Khamsin]

Actually the sad part is it actually cost me less to get cash from a ATM in a Casino than one in a strip club.

If the banks all start doing this, it'll be cheaper to get cash from a ATM in a casino than one in a strip mall. Unless they up the casino fee accordingly.

[archibaldcrane]

I never understood why casino ATMs were expensive. Why would you want to give someone who is withdrawing money in a casino another opportunity to think "aw man $5? maybe I shouldn't..."

[Cyn]

Is it sad that the first thing I thought when I heard about the discussion on capping ATM fees was "Holy shit does that mean the strip clubs won't have $10 ATM fees anymore?"

Where do you live that you can get ass-to-mouth in a strip club for only 10 bucks?

(Strip club ATMs is pretty much the first thing I thought about too though, $10 fee is bullshit.)

[Khamsin]

I never understood why casino ATMs were expensive. Why would you want to give someone who is withdrawing money in a casino another opportunity to think "aw man $5? maybe I shouldn't..."

Casinos charge $4 for a bud light bottle, and still expect a tip for the cocktail girl who brought it. What do you expect?

They could even have real gambling with actual 50:50 you vs house odds, and still make money with everything else they got going there.

[Takedown3]

dont be stupid and use out of network machines?

[RPGTyrant]

Anyone living between Virginia & New Jersey/PA could tell you how convenient the PNC ATMs are at Wawa. I have TD, was incredibly bummed about this change for that reason alone.

Very much this, nearest TD bank is 20 mins from my new house, nearest wawa is about 5. Has been so nice to use it while they fill my tank/right before I get on 295 to philly. This just will make me think a little more about how much cash to keep on me. Was nice while it lasted.

[Dizzy]

This club i used to go to a few years ago was cash only for everything with only one ATM in the place... with an $8 fee. Only used the thing once in about 3 years going there because I forgot cash for the coat closet fee lol.

I don't notice these fees much nowadays since I try to use credit/paypal for everything and then pay it off at the end of the month.

[GImpers]

I never understood why casino ATMs were expensive. Why would you want to give someone who is withdrawing money in a casino another opportunity to think "aw man $5? maybe I shouldn't..."

A couple reasons they have a high fee to use their ATMs:

1) Most people to use the ATMs for gambling purposes are losing at the time of the transaction. Their only concern is getting enough money to win it back. They proceed with the charge and lose the money anyways. It's a win/win for the casino. They could probably charge $10 and the amount of transactions wouldn't change.

2) The rest of the people that use ATMs are drunk. The last thing on their mind is the charge. They could probably charge $10 and the amount of transactions wouldn't change.

[Luen]

What's the reasoning for this? I don't know enough about banks and how they make money to understand why this benefits them.

There is currently a bill in Congress being written and they are talking about capping the fees (paid by the merchant accepting card) at $0.12 a transaction. Right now the fee is a percentage of the total, approximately 2% of the total but it can vary by card. This percentage is why some places will not accept your cards, or not accept AMEX or Discover, which have the higher fees.

Chase's reasoning for saying they may cap at $50 on debit card transactions is the risk involved to the bank because of bank card fraud would not be worth a $0.12 fee when you could lose hundreds of dollars on a single fraudulent transaction. If this bill passes, you can probably say goodbye to your rewards points on your credit card and programs like Keep the Change at Bank of America as well.

Just realize that most of the fee changes bank have made in the last few years have been in response to the government tying the banks hands on another form of iI know the popular opinion is that banks are evil, but their just trying to make a profit like every other company.

[Drex]

There is currently a bill in Congress being written and they are talking about capping the fees (paid by the merchant accepting card) at $0.12 a transaction. Right now the fee is a percentage of the total, approximately 2% of the total but it can vary by card. This percentage is why some places will not accept your cards, or not accept AMEX or Discover, which have the higher fees.

Chase's reasoning for saying they may cap at $50 on debit card transactions is the risk involved to the bank because of bank card fraud would not be worth a $0.12 fee when you could lose hundreds of dollars on a single fraudulent transaction. If this bill passes, you can probably say goodbye to your rewards points on your credit card and programs like Keep the Change at Bank of America as well.

Just realize that most of the fee changes bank have made in the last few years have been in response to the government tying the banks hands on another form of iI know the popular opinion is that banks are evil, but their just trying to make a profit like every other company.

my ass. banks make plenty of profit from loans and their other investments. fees are just an added middle finger excuse for digging a little deeper. they aren't just trying to make a profit, they're trying to make the biggest profit possible, like every other company. they do it because they know they can get away with it. people consider banks one of the best places to put money (even if it's really one of the worst), and as long as that's true, banks can do some pretty heinous stuff and get away with it. for example, charging a monthly fee just for having an account...there's a bank here that does that for checking accounts, and proudly advertises "but if you keep at least X dollars in the account we'll waive the monthly fee!" how nice of them! only charging me with a fee when that fee would trigger an additional overdraft fee!

fuck banks. at least "real" companies give you some kind of product or service for the money they charge. banks claim they'll take care of your money, then turn around and spend it on other things. then they siphon as much of it as they can from your account until you take it out, and god help you if you try to take it before they're ready to give it back!

[foopy]

my ass. banks make plenty of profit from loans and their other investments. fees are just an added middle finger excuse for digging a little deeper. they aren't just trying to make a profit, they're trying to make the biggest profit possible, like every other company. they do it because they know they can get away with it. people consider banks one of the best places to put money (even if it's really one of the worst), and as long as that's true, banks can do some pretty heinous stuff and get away with it. for example, charging a monthly fee just for having an account...there's a bank here that does that for checking accounts, and proudly advertises "but if you keep at least X dollars in the account we'll waive the monthly fee!" how nice of them! only charging me with a fee when that fee would trigger an additional overdraft fee!

fuck banks. at least "real" companies give you some kind of product or service for the money they charge. banks claim they'll take care of your money, then turn around and spend it on other things. then they siphon as much of it as they can from your account until you take it out, and god help you if you try to take it before they're ready to give it back!

pro tip: no one is forcing anyone to use a bank. use cash only + 3 dollar checks cashed at walmart. problem solved.