0 votes

Random Question About ATM Fees

I've always thought that ATM fees were going to eventually be based on how much you take out. If you take out $100 it's the same fee as if you take out $200. Of course there are different maximums. But I would think they would've gone to a "1% on the money you take out with a $1 minimum". So if you take out $20, they charge you $1. If you take out $500, they charge you $5.

One other thing that I think is interesting is those machines that take your change and returns paper currency. I wonder if the idea behind those was to find the valuable coins (pre-1965 coins plus pennies prior to 1982 plus all nickels) and take them out of circulation (Gresham's Law). I wonder if that goes on and if it was the reason behind these machines in the first place.

Trending on the Web

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

Me thinks

atm machines are absurd. They charge you to take money out of your account when it is free to do so in person. It is your money and they make money off it through leverage and then charge you for taking it out of a machine? Insanity.

Also, it is in the works to charge consumers a certain % per swipe of their debit/credit card at stores because the store owners are getting sick of getting shafted with the fee themselves. More insanity. It is certainly cheaper for the bank to use a debit card than process a check, and even so the banks make good money on their depositors accounts, it should all be complimentary. That is why credit-unions are underrated.

As for the coin machines, they came out with those because they knew there were billions of dollars in coins people were sitting on collecting dust, and they came out with a quick and simple process to get cash for those coins....at 8% per dollar!

“When a well-packaged web of lies has been sold gradually to the masses over generations, the truth will seem utterly preposterous and its speaker a raving lunatic.” – Dresden James