Thursday, June 10, 2010

ATM fees

Bank customers have voted with their feet and avoided more than $120 million in ATM fees by reducing their usage of the machines after the introduction of sweeping reforms a year ago.

It's entrapment. Sometimes there is no alternative. Like the other day. My ATM wasn't working. I had to use a "foreign" one across the road. It has been happening regularly in this area for some reason. We do not have a choice. We should not be having to pay these ATM fees because there are limits and regulations on over the counter transactions AND there are limits to ATM use.The whole matter of banking fees is a very hot issue which can erupt at any given time. Since electronic banking came in, we do a lot of the work online, but the fees we pay are unreasonable, unnecessary and just plain wrong.If we do not have free access to over the counter transactions then there should be no fee for ATM withdrawal anywhere. It just shouldn't happen.Charging to access our own money is a very strange thing to do. We do what we can to avoid them but it's not an even playing field at all.

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