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Haven't you heard of the profit motive? It costs them 2 cents extra so they charge $2.00. $1.98 profit.
Except that it doesn't cost only 2 cents. Let's say that a given ATM gets 500 customers per a day. At 2 cents per customer, that would mean that it only costs $10/day for rent and maintenance. That seems unrealistic.
I think it is a kind of monopoly to do this to us so we should sue the banks to break that it is forcing me to use their ATM or they will charge a fee for me using another ATM thank you
It's not a conspiracy. Banks don't have relationships with each other -- instead they have relationships with payment networks. Networks are independent companies (for ex. Cirrus network, which is operated by Mastercard, Pulse is Discover, Plus is Visa, etc.) that maintain the infrastructure for processing ATM transfers, and they in turn charge banks for this service.
Banks make profits on ATM fees but it's hardly the highway robbery it's believed to be. The payment network industry is quite consolidated and has proven to have very strong pricing power that it imposes on banks.
TD bank charges $2.50 if you don't use their ATM. Never heard of TD refunding them either.
i think it depends on your account. i have a premier checking account which comes with those benefits and doesnt cost me anything as long as i keep a certain balance. i think $2500
I think it is a kind of monopoly to do this to us so we should sue the banks to break that it is forcing me to use their ATM or they will charge a fee for me using another ATM thank you
It's not a monopoly. You can use a competitor's bank to access another ATM of your choice.
Why do some banks and credit unions charge the account holder a fee if they use an out of network ATM? Isn't paying the out of network ATM enough? Why should a bank or credit union charge a second fee?
In other words, I use Credit Union X's debit card at a Bank of America ATM. BofA charges me $3 or whatever the amount is these days and then my credit union charges $1.50 making the total withdrawal fees $4.50.
I don't have debit cards at any banks that do this, I am just wondering why banks and credit unions feel it is necessary to charge the $1.50 fee?
Because They Can.
There is a very large credit union network of free ATMs, although I think they now allow only a small number (like about three per month) before they start charging if you use a credit union ATM other than your own CU. Of course, you're usually going to be closer to a bank than to a credit union.
i think it depends on your account. i have a premier checking account which comes with those benefits and doesnt cost me anything as long as i keep a certain balance. i think $2500
Thanks! I'll let my cousin know so she can stop complaining to me about it!
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