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Are banks justified in charging high ATM withdrawl fees?
A lot of banks in the US charge an ATM withdrawl fee which is in my opinion on a higher side. ATMs are actually less costly for banks than withdrawals from human tellers.
It is not possible to carry a lot of cash and when some businesses demand cash only (because they have low profit margins and they in turn get ripped off by financing institutions when using credit cards!)
And if you run to the nearest ATM, chances are it is not your bank's ATM and so you pay as much as $2 for withdrawing money.
Is there any way to do away with this?
PS- I was in the UK and most banks DONOT charge withdrawl charges (some sort of agreement between banks - wish they would do the same here!)
6 Answers
- Anonymous1 decade agoFavourite answer
ATM fees have been outlawed in some areas. The ATMs in these areas continue to serve the public. Banks that are allowed to get away with this practice are merely using a pretext that it costs money to operate these ATMs but they forget that this also draws in customers to do banking in their institutions. It is an EXCUSE and a farce to make extra revenues, nothing more, nothing less; contact your elected officials to look into this and hound them to outlaw the charges and you MAY find one or two elected officials with the testicular fortitude (cojones... er... balls!) to do something positive for a change. This also affects the elderly, the disabled and those on fixed incomes that have difficulties getting to the banks to make withdrawals or perfer not to carry cash and become possible victims of muggings, theft, etc.
- Anonymous5 years ago
Bank of America. We have four accounts with them, two checking and two savings. No fees. All Bank of America ATMs are free from charges. Online banking services is free too. Plus I got a debit card with my picture so I can use it as another form of picture ID if necessary.
- Anonymous1 decade ago
Justified? No.. Legally able to, yes.
On a personal basis you can fight it by using Everbank (online) which will pay for up to 5 ATM withdrawal fees a month.
No monthly fees and free online payment of your bills (as long as you keep a balance greater than $1,500).
They also pay interest on your checking account.
Source(s): Been with them for over 3 years. The best! - 1 decade ago
its not the banks themselves that charge the atm fee its the company that look after the atm machine....... thats why its free to use ur banks atm. it aint right tho. i agree!!
- 1 decade ago
It's a growing problem - http://en.wikipedia.org/wiki/ATM_usage_fees#United...
Some charge as much as $6.
- Anonymous1 decade ago
No, it's yet another ripoff.
