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

[Celebration]

Somehow I missed this bit of news. I guess this is the strategy to rebuild bank reserves. Sigh.

http://www.abcnews.go.com/GMA/story?id=4196835

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 to a poorer economy.

One expert said banks are relying on consumers to get them through the weak economic time.

"They're looking for ways to make up for the losses and nickel and diming appears to be the only way they can do it," Consumer Affairs analyst Joseph Enoch said.

Today, the average ATM fee is $1.78, while five years ago it cost a little more than a $1 to retrieve money from a bank with which you didn't have an account.

[Kali]

1. Banks:

"We'll THINK about letting you have a bit of YOUR money."

[sharp_stick]

2. Bank of America

screwing everyone while we take over every decent bank in the country. I hate that bank.

[Liberal_in_LA]

4. me too

[Warpy]

11. I hate all the megabanks.

I've gotten into the habit of using only my own bank's magic window, though, and I generally get enough cash to last a while, replenishing the stash as needed. I usually pay with cash because I've found that's the easiest way for me to keep a handle on what I'm spending.

My first account in this city was with the most solvent bank in the state. It has been sold 4 times to bigger and bigger McBanks. It's the bank I use to keep my junk account, the one with the ATM card for online purchases.

Unfortunately, I'm stuck with another McBank for my investment accounts, so I'm stuck with them for the Peter who pays the junk account Paul.

My CDs are with a bank that is still local, the bank that held my mortgage before I paid it off.

[Liberal_in_LA]

3. I used the ATM recently and noticed the fees has increased by $1

[meegbear]

5. My credit union is part of the SUM network and I only use them

[aquart]

10. I get free ATMs with Actor's Federal Credit Union.

They have machines in McDonald's all over town.

[halobeam]

6. commerce doesn't charge you if you have an account there, but they charge you if you use a diff. atm

after a certain number of times. So then you get the ATM fee (just for using it) plus your own bank charging you for using someone elses' atm.

Nice

on edit: I just was given notice by my bank that I'm only allowed a certain number of online transactions now per month. If I need to make more than a certain number of transactions (usually just transfering money from one acct to the other), then they will switch my "type" of account to another (which I presume has charges)

[aquart]

7. Paying for the mortgage fiasco?

[halobeam]

8. lol

I doubt it. Probably just somehow going to end up in someone else's pocket.

[flashl]

12. Yes.

It was floated as a possibility a week ago, that was fast.

[Captain Hilts]

9. And banks are allowed to hold any check over $2K for SIX days before you can use it.

Even wired money.