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$3 ATM Fees? Banks Increase the Price of Your Money

abcnews.go.com — Consumers who rely on ATMs for quick cash access may find that getting their money actually costs them more as banks raise their ATM fees. The financial institutions, which already generate $10 billion a year in revenue from what they charge people for accessing their accounts from other banks' ATMs, have increased the fees in response...

Who dugg this? Made popular Jan 28, 2008

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  • homesickalien, on 01/28/2008, -4/+102***** banks. I'm withdrawing all my money and burying it in a shoebox with a treasure map in proper pirate fashion.
  • knucklebusted, on 01/28/2008, -1/+55The banking industry foisted ATMs on us initially to reduce the teller load. Some banks charged to be able to speak to a real teller instead of using the ATM. I guess I need to find my mason jars.
  • inactive, on 01/28/2008, -6/+56they create the crisis and profit from it.... bow to your cooperate slave masters....
  • InfodivaMLIS, on 01/28/2008, -10/+53Daaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaam!!!!! I hate bank fees. I live at the ATM!!!!
  • cmccool, on 01/28/2008, -1/+39it's a matter of convenience thought right? some people's banks aren't exactly located down the street.
  • avengingturnip, on 01/28/2008, -14/+47It does not cost anything extra to make cash withdrawals from real, live tellers in a bank lobby.
  • spriggig, on 01/28/2008, -2/+29I'm virtually cashless, I pay for everything with my debit card. I rarely have more than five dollars in cash in my wallet, often I have none at all.
  • FyreGoddess, on 01/28/2008, -4/+31Most banks don't charge you to use an ATM from a bank where you have an account. The trick is to choose a bank (or credit union) that has ATMs near where you live and/or work.

    Also, you can generally get cash back by paying in a supermarket or drug store with your debit card.

    It really doesn't take all that much effort to not pay exorbitant fees.
  • scslmd, on 01/28/2008, -2/+23Some banks impose a limit on how many "live teller" transactions you can have PER MONTH! They said this was justified to cut down the lines and number of tellers they had to staff. After a set number of "live teller" visits then you are assessed a fee. This drove a lot of people to move their transactions to an ATM. NOW they want to charge for an ATM fee!?! What a bunch of greedy bastards.
  • dood, on 01/28/2008, -2/+23Other alternatives include: carrying cash around with you, or using an ATM card with a Visa or MC logo at merchants, thus saving $25-70/month. (But you knew someone was going to say exactly this, right?)
  • dafragsta, on 01/28/2008, -0/+18plus free gum.
  • jphicks, on 01/28/2008, -2/+20The banks pushed and abused the consumers with credit cards to the point where Congress has started to come down on them. I predict the same will happen here. Having said that, if you do a cash back at a store, there is no fee and if you go to a branch there is no fee. I get so pissed at the charges, I plan and scheme like a bat out of hell to only get cash those two ways to keep from having to pay the blood sucking bastards.
  • inactive, on 01/28/2008, -3/+20They gotta make up their losses from the sub prime scandal, where they made billions setting up citizens to lose their homes.
    Of course they can't admit they are doing this to make up for their ***** and corrupt business practices.
  • leerayIG88, on 01/28/2008, -2/+18ATM fees? Real men steal, like me.
  • TiMMY8765, on 01/28/2008, -3/+18go to walmart, buy a $.50 pack of gum, pay with debit card, select $100 cash back.

    your atm fee is now $.50 + sales tax
  • NaziHatinChimp, on 01/28/2008, -3/+16Just invest in the stock market. I here that is doing well. Oh wait the banks ***** them too.
    Oh well.
  • ClOlD, on 01/28/2008, -0/+13That's why I love my Schwab Investor Checking - any and all ATM fees are refunded to my account each month.
  • inactive, on 01/28/2008, -2/+14Aaargh!! Avast ye came up with ye best solution yet. Shiver me Checking account!
  • BeyondALL, on 01/28/2008, -3/+15It does not cost anything extra to make cash withdrawals with many European banks ATM's either, your banks are hopeless
  • minturn, on 01/28/2008, -1/+13Because of ATM fees I switched from a local credit union to Bank of America. In Charlottesville, the B of A has more ATMs in more convenient locations. It's too bad - I'd like to stay with a local bank, but the ridiculous fees have forced me too the "big box" banks.
  • gimlik, on 01/28/2008, -1/+12Ever been to an ATM at a bar? Yeah... 5+ bucks later you'll get your money...
  • jspegele, on 01/28/2008, -1/+12It does take a small amount of planning, though. Too much for some people.
  • foxfollower, on 01/28/2008, -3/+13Get this - I went to a major entertainment retailer - Newberry Comics - this weekend and they DON'T TAKE CHECKS. Okay. So. WTF. The whole bank thing is off the radar. I say we all go back to cash and screw everything. I've had it.
  • tucsonsun13, on 01/28/2008, -1/+11The cashless society control grid, one of the only legitimate concept outlined by conspiracy theorists, continues to grow. And why should we be suprised? Our government has been hijacked by MBAs and bankers......
  • mOdQuArK, on 01/28/2008, -0/+9That's pretty much *****. All the stuff that goes through the ATM is pretty much electronic & automated, except for maybe the maintenance of the machine itself. It wasn't too long ago that they were encouraging people to use ATMs because it was cheaper than the banks having to hire tellers. I'd be surprised if the banks' real costs were much more than a few pennies a transaction. ATM fees & such are all part of their policies designed to suck their "customers" dry.
  • CasaMan, on 01/28/2008, -0/+9That's a really strange system.. Here in The Netherlands many banks don't have "live tellers" where you can withdraw money anymore.. ATM withdrawals are free though even if it's not your own bank.. At the rail stations it's free to get tickets from a machine but you pay 50 eurocent when you buy a ticket at the desk. A personal transaction costs the bank a lot more money than through a machine
  • marioday, on 01/28/2008, -1/+10guess I'll take my piggy bank with me from now on.screw those greedy bastards!
  • rkzda, on 01/28/2008, -1/+10I am sorry, but I never understood getting cash for something you could swipe your debit card for in the first place. Which is almost everything. Why not use some common sense, and get some cash when you deposit your check for bills, etc, or take the extra 10min and go inside and withdraw your funds for nothing.

    Do note that if you go to your banks own ATM it usually costs nothing. But elsewhere, 3-10 bucks.
  • MrWhite7, on 01/28/2008, -2/+11I hate banks as much as the next guy, but I don't think your giving idiot borrowers their due.
  • inactive, on 01/28/2008, -0/+9you have been well programmed.
  • bdkvxd, on 01/28/2008, -3/+12You are just as welcome not to use this service, and not incur $3.00 charges.
  • DirkBelig, on 01/28/2008, -3/+11Here's how you avoid ATM fees:

    1. DON'T USE THE F*CKING ATM!!!! Failing that, instead of taking out $20 at a time, take out several hundred and then stick it in your drawer and dole it out as necessary. I can make a few hundred in cash last a couple of months in between bank visits.

    B. Use a credit card to pay for anything over $20 and then PAY OFF THE WHOLE BALANCE AT THE END OF THE MONTH. Even if they catch you for a couple bucks of finance charges, it's better than handing over $3 per withdrawal.

    See? It's easy to save money.

    Of course, the fact that people howl when an entirely avoidable fee like ATM charges are increased but remain quiet as church mice when taxes are raised to absorb up to half of their income baffles me.
  • pak314, on 01/28/2008, -0/+8I use a credit union that will reimburse me those ATM fees of up to 4 times a month. The other option is to go to a grocery store which will usually let you withdraw some cash when you buy something like a pack of gum or whatever you would have needed anyway. Those two combined and I almost never have to pay any ATM fees.

  • inactive, on 01/28/2008, -1/+9Uh, if you know it's a cash place, you bring cash. You're probably of the same dumb variety of guys who show up at titty bars with a credit card. It's just a hassle that'll end up costing you more and more, and with a wad of cash on the way in, you can easily cap your spending with an "oh *****, money = gone" thought.
  • cmccool, on 01/28/2008, -2/+10just to clarify, i agree that there are alternative ways of accessing your money, but sometimes these ways are inconvenient and require more time and money to collect (i.e. making a trip to your bank [which, more than likely, will require driving, which, obviously, requires using gas]). at the end of the day, i think it is reasonable to be slightly ticked at the fee increase.
  • Eldorian, on 01/28/2008, -0/+8Strip club ATMs charge $10+

    Not that I'd know first hand or anything.
  • nullcodes, on 01/28/2008, -1/+9Go to a bank that doesn't charge the high fees. Competition.

    Or, even better, keep the money in your pillow, that where I keep it. It's secure there and nobody would ever look there.

    Hmm.. I mean, no, that's not where I keep it.
  • lunarworks, on 01/28/2008, -0/+7Private ATMs? They're all over the place. You get charged the bank fee, PLUS an additional usage fee. So it's worse. Also, I remember using one in L.A. several years ago that made me watch an ad anyway.
  • Richandler, on 01/28/2008, -1/+8Haha, so congress is going to make another mess. We have record credit card debt in the nation because the congress' desire to make sure everyone can "afford" what they want.
  • thefirelane, on 01/28/2008, -0/+7What? That's not true at all. In Germany there is a network of many large banks, but there are independent ATMs like in the states, then there are the Sparkasse banks which work free with eachother and not the large network.
  • crushtheenemy, on 01/28/2008, -2/+9you should have stuck with the credit union. BoA SUCKS.
  • theNazz, on 01/28/2008, -1/+8The new generation of US consumers won't even know what hit them when the 'due' bill comes in...
  • richofsilence, on 01/28/2008, -1/+8Yeah, because everyone in the country is eligible to use USAA.



  • inactive, on 01/28/2008, -0/+6I use my debit card everywhere, even if the amount I need to pay is less than £1.

    PS: If you're paying to withdraw your money then you're an idiot. There are so many free cash machines across the country, you just aren't looking hard enough. It doesn't matter what bank your card is with, they work in all of them with the Link symbol.
  • cjules13, on 01/28/2008, -4/+10I've had the same $10 bill in my wallet for a month. I put everything on a card. I barely need cash. Just to tip a valet is about it...
  • hoowahman, on 01/28/2008, -0/+6You need to plan your week better if you are running out of cash. Get cash when its near by like your own bank that wont charge you or cash back from stores if you use your debit card to make purchases. I never use other bank's ATMs because really I don't see it neccessary to even pay $1 to get at my money.
  • lunarworks, on 01/28/2008, -1/+7People still use cheques to pay for things?
    Haven't you heard of debit cards?

    /haven't seen anyone pay with a cheque in YEARS...
  • avengingturnip, on 01/28/2008, -1/+7How much is it worth? $3 per transaction?
  • aimhelix, on 01/28/2008, -4/+10Nice, perfect timing! Just when the nation is in a recession and most citizens are becoming 'poorer' by the day - increase the bank charges! Another pay off for the banks.. after they somehow managed to still give out billions in bonus payoffs last year in this ***** economy. Thank you fellas! You really love your customers.
  • pintomp3, on 01/28/2008, -0/+6"One expert said banks are relying on consumers to get them through the weak economic time." maybe they shouldn't have been handing out millions of dollars in bonuses.
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