$20 withdrew from ATM-- $2.00 fee- crazy!

[Carly_Roach]

Let me put it this way. I was at a place once, and wanted to pay debit. They said "sorry we only have the cash machine at the front"

I walked out without the purchase, they lost the sale.

This is a trend I hope will continue. It's easier to vote with your feet (and dollars) when you see the cash coming out of your checking account immediately instead of a credit card where you don't see the few dollars extra fees for several weeks to a month. Consumers are faced with a choice: Pay a $2.50 fee to the store for the priviledge of buying there or

• Put a gallon of gas in your car
• Buy a gallon of milk
• Bus fare for two days
• Lunch at McDonalds (dollar menu)
• An article of makeup
• A pair of socks
• Kid's lunch money
• Deodorant

The list goes on and on what you could be spending your money on instead of bank and store fees.

If we voted with our feet and our dollars, then businesses will lose customers if they try to pass on the outrageous fees that the bank charges for CC transactions. Then the businesses will put pressure on the banks to either lower their fees or they'll choose a company with lower CC transaction rates.

I'm not against banks making profit. I'm all for a profitable business. Where I draw the line is exhorbitant, outrageous, mind-boggling greed where a company would command a 1,000% profit then complain about how much (little) they have to pay in overhead.

 

[MarkBarbieri]

It surprises you that people blow $2 to get $20 of their own money? Where have you been? People are so stupid about money that it bongles the imagination.

People pay unbelievable rates to payday lenders to get their money a few days early. People run balances on credit cards and pay 10%, 15%, even 25%. People work for companies that give them a 100% match on some of their 401K contributions but they don't take the match. People routinely pay huge overdraft, late payment, and other easily avoided fees.

The simple truth is that a lot of people are economically clueless. They live paycheck to paycheck (or worse). Why they don't take a little time to get their finances in order and behave rationally has always been a mystery to me, but it is clear that this behavior is commonplace.

 

[Nancy]

How on earth did you find a thread that is over 4 years old? And it's your first post, too.

I was wondering the same thing...original post is from 2005!

I'm lucky if I can find posts from last week.

 

[LuvCuteBoys]

Wrong again. Companies have been passing the cost of doing business onto the customer for decades now. The restaurant in the example is offering an alternative to their customers: cash or charge.

Businesses can run their business any way they see fit. If they want to give a discount to old ladies wearing red hats, or people wearing cowboy boots, or children under 10 eat free, or for customers paying in cash instead of credit cards, the business has a right to do that. This is still America after all.

At least it IS still the land of the free and home of the brave until banks put it into law that consumers not only have to use their services, but we have to pay their prices no matter what that price is. Then there will be three things that are certain: death, taxes and the cost of moving our money from our employer to the bank to ourselves.

BTW, I don't really care how old the thread is, the concept is still relevant. Perhaps more now than in 2005 because of all the bank failures and bailouts.

No, I'm not wrong. I wouldn't have been wrong in 2005 and I'm not wrong now.

 

[manning]

I have used an ATM years ago and am not familiar with them.

My credit union is affiliated with someone who has a machine at Pop Century.

So my question is, what is meant by a surcharge? The credit union says I can use that machine without a surcharge.

 

[OctMtnWoods]

2005?

I guess search works really well now.

 

[DisMomme]

This is why I *LOVE* my bank. Actually, technically speaking, its a credit union. At any rate, no matter where I get my money, they will REFUND me any ATM surcharges that other banks charge me (up to $5 per month). Oh, and they have zero fees for anything... well, except NSF.

Me too. I love my bank. No ATM fees EVER. Free checks. No fees for anything except NSF. We even got a free AAA membership from them.

 

[browneyes106]

I use my debit card more for purchases. There have been a few times I have used other ATM's like at gas stations or when I'm traveling out of my area. There are few ATM's that have lower fees of $1.50 or $1.75. The most I have ever paid to use a ATM was $2.50.

 

[MarkBarbieri]

I looked at switching to using a debit card, but I couldn't see any advantage. Using a credit card and paying it off every month seemed as good or better in every way, at least for my personal situation. I got better merchant fraud dispute protection, free float, and less risk to my bank account.