just as banks are required to cash other banks checks - interac is the same in canada.
you bank already gets the $1.50 fee - or part of it - to cover the transaction cost. the ADDITIONAL $1.50 is STRAIGHT PROFIT.

I have friends on the board of directors of local credit unions, scarry but the MOST PROFITABLE thning they have right now is their ATMs - and they don't even charge as much as a bank does for use of them. they make more profit from the atms then loans, investments or other banking fees. think about it - $3 charge on a $40 withdrawl (the average withdrawl size) - there are no other banking fees that high - that's 7% PER TRANSACTION.

I say again - ATM NET banks about 7% per transaction.

next thing you'll see is a major bank charging you for withdrawing money from any ATM other than your home branch. mark my words there. They are WORSE than fucking loansharks

The whole atm fee thing has been something that consumer advocacy groups have been screaming about for a long time. (read: Ralph Nader)

When banks first came out with ATM's, they sold their boards of directors on the capital expenditure with the explanation that they would recoup the costs through savings in teller labor, and the 24 hour banking would give them a competitive edge.

I have a pretty good deal going where I bank, I get free checking, no fees, no per check, none of that shit. And ATM transactions are free so long as I use one of my banks ATM's. (And there's enough of those around that its not often I have to use another bank's)

But when I do use another bank's, I get hit with 3.50 (2 for the bank that owns the ATM and 1.5 for my bank) That really sucks.
I know alot of people who pay $20+ per month in ATM fees.

I'm sure there will be a class action suit over this before its all said and done. You can laugh if you want but Nader sued the airlines for keeping him on hold for hours and won.

my bank has this nice check card "gold".. they give you a bunch of crazy insurance and crap with it, but the nice thing is no foreign atm charges. it's like $5 a month or something, but it'd be worth it if i start traveling more. they're fairly nationwide... but not completely. and going somewhere conveinient and getting slapped for $3.50 sucks. but what exactly do you have for choice? they do it because they can. and we suck it down happily.


same way with online payments.. *cough* charging you $5 just to put money into your account. not only that, but you can only deposit in $50 increments. i wanted to open an account the other day, and pay for something for $50. but, i'd have to put $100 in to pay for it, and i really didn't see the sense in depositing an extra $45 for a service i don't use that much (at the moment). you already get the transaction fees, why jab with the fees to deposit and withdrawal?


but, again, what choice do i have?

That's the only way to stop these banks, take a few minutes and go get in a line. If everyone boycotted the ATMs the banks would be full of very angry people.

Wait and see how long it takes before FREE ATM withdrawals returned.

They will just find another way to fuck us in the ass. Bankers, and MC/VISA are in business to rape and pillage.

Think about how fucking stupid it really really is that after working so hard for a paycheck or a profit, like fucking sheep people rush to the bank on Friday to give their money to someone else to hold and keep.

Bankers are greedy crooks like lawyers. They get away with financial murder every day.

I just wish everyone would go the bank all at once and try withdrawing your money. Only then would the banker's scam be revealed.

You think your money is really there? Guess again.

lol.. are you sure you want to encourage everyone to make a run on their banks?

I read a report on the way CC companies profit from fraud. Pity I did not keep it so this is from memory.

When Crescent pulled there Free to over 18s scam, only 33% of people complained. So 67% were charged and a fee taken. So that is porn maybe people would stay quiet.

Then a clearing bank sold a known fraudster a big list of credit card numbers, which he then proceeded to charge $19.99 recurring. Only 40% of the people charged ever complained.

So the CC companies were just charging for fraudulent payments.

The Fed will just buy some more printing presses like they've been doing recently to keep this whole ball of fluff afloat.

:1orglaugh :1orglaugh :1orglaugh

That's the way it works in the states already honey :) If you maintain enough of a balance or get a deal somewhere then banks will waive their fees and some will even credit you the amount that other banks charge you to use their equipment...

Fees at ATMs are ridiculous, there is NO doubt about that. I realize that moving money isn't free but there aint no way in HELL that it costs 3 bucks to do it ;)

Looks like a trend is starting.....

wells fargo has a gold atm card you can get that waives fees. not sure if they still offer it though, i didn't see anything on their website about it a few days ago..