Random Question About ATM FeesSubmitted by kevink on Sat, 03/02/2013 - 19:09
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.