Friday, November 13, 2015

Bernie Sanders: Why Do Banks Charge ATM Fees? Finance, Effects, Laws






 ATM usage fees are the fees that many banks and interbank networks charge for the use of their automated teller machines (ATMs). In some cases, these fees are assessed solely for non-members of the bank; in other cases, they apply to all users. Many people oppose these fees because ATMs are actually less costly for banks than withdrawals from human tellers.

Two types of consumer charges exist: the surcharge and the foreign fee. The surcharge fee may be imposed by the ATM owner (the deployer or independent sales organization) and will be charged to the consumer using the machine. The foreign fee or transaction fee is a fee charged by the card issuer (financial institution, stored value provider) to the consumer for conducting a transaction outside of their network of machines in the case of a financial institution.

Prior to 1988, there was no surcharging of cardholders by ATM owners in the U.S. In 1988 Valley Bank of Nevada began surcharging "foreign cardholders" (meaning holders of ATM cards not issued by Valley Bank) for withdrawals at Valley Bank ATMs located in/near Las Vegas casinos.[29] Eventually, various regional ATM Networks, and ultimately the national networks, Plus and Cirrus, permitted ATM surcharging.

Before 1996, foreign ATM fees averaged $1.01 USD nationally, according to a 2001 report from the US-based State Public Interest Research Group.[30]

As banks and third parties realized the profit potential, they raised the fees. ATM fees now commonly reach $3.00, and can be as high as $6.00,[31] or even higher in cash-intensive places like bars and casinos. In cases where fees are paid both to the bank (for using a "foreign" ATM) and the ATM owner (the so-called "surcharge") total withdrawal fees could potentially reach $11. Independent sales organizations ("ISO"s) are the driving force in ATM deployment in the U.S. today representing over 60% of the 396,000 ATMs nationwide. Some have expressed concerns that the U.S. market is becoming too saturated, spreading the resulting fee pool too thin, which may result in a future net decrease in the number of machines.[32] Other media reports indicate that growth in ATM usage has decreased, possibly in relation to the amount of fees imposed by banks.[33]

Only some fees charged by ATMs are advertised at the point of transaction. This is more of a cautionary statement, as ATMs are required by law to inform users of the surcharge fees that the machine will charge the user. This information may come in the push through menu or it may be on a sticker on the machine. However, the ATM card holder's own bank may charge a "foreign ATM network" fee to the card holder for using an ATM that is not owned and operated by the card holder's own bank. Since this charge is not assessed by the machine or the owner of the machine, it is usually not advertised at the time and place of the transaction. Thus, it becomes the responsibility of the card holder to be aware of the details of their own bank's fee structure, which may also vary from state to state, to determine the total cost of an ATM transaction. In addition, the "foreign ATM network" fee may be different if using an ATM outside the U.S. versus inside the U.S.

A new charge that has come into the marketplace is the "Denial Fee", where a customer is charged a fee for attempting to withdraw more money than they are either allowed through their daily withdrawal limit or by having insufficient funds in their account.[34]

While many consumers are faced with multiple fees as described above, a number of standalone and internet banks, such as USAA, Capital One and Ally, do not charge their customers for using another ATM and they also provide reimbursement, nationwide, of another ATM's fee. Thus, customers at some banks in the US can avoid ATM fees altogether. Another popular way to avoid paying ATM fees is to make a cashback purchase at a retail store: many retailers will allow a customer who is paying with a debit card to withdraw more than the total due the retailer and get back the difference in cash.



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“Control oil and you control nations; control food and you control the people.” Henry Kissinger


once a standing army is established, in any country, the people lose their liberty.”
George Mason

“Military men are dumb, stupid animals to be used as pawns for foreign policy.”
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“If you are an ordinary person, then you can prepare yourself for war by moving to the countryside and building a farm, but you must take guns with you, as the hordes of starving will be roaming. Also, even though the elite will have their safe havens and specialist shelters, they must be just as careful during the war as the ordinary civilians, because their shelters can still be compromised.”
Henry Kissinger

"We don't let them have ideas. Why would we let them have guns?" Joseph Stalin

The people who cast the votes decide nothing. The people who count the votes decide everything.
Joseph Stalin

Governments keep a lot of secrets from their people . . .
Why aren't the people in return allowed to keep secrets
from the government?

PHILIP ZIMMERMAN, DER SPIEGEL

“Some call it Communism, I call it Judaism.”

Rabbi Stephen Weiss

“Anti-Communism is Anti-Semitism.”
Jewish Voice, July - August 1941

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UNKNOWN

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The few who understand the system will either be so interested in its profits or so dependent on its favours that there will be no opposition from that class, while on the other hand, the great body of the people mentally incapable of comprehending the tremendous advantage that capital derives from the system will bear its burdens without complaint and perhaps without even suspecting that the system is inimical to their interests.
The Rothschild Bros

"Debts must be collected, bonds and mortgages must be foreclosed as rapidly as possible. When, through a process of law, the common people lose their homes they will become more docile and more easily governed through the influence of the strong arm of government, applied by a central power of wealth under control of leading financiers.

This truth is well known among our principal men now engaged in forming an imperialism of Capital to govern the world.

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The one who Controls the Education System , Controls Perception
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Albert Einstein

In The Left Nothing is Right & in The Right nothing is Left
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Freedom is not Free
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Don't Steal The Government Hates The Competition

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"The people should not fear the government for it is the government who should fear the people" UNKNOWN

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UNKNOWN

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“If you are planning for a year, sow rice; if you are planning for a decade, plant trees; if you are planning for a lifetime, educate people” A Chinese Proverb

"First they came for the Socialists, and I did not speak out--
Because I was not a Socialist.

Then they came for the Trade Unionists, and I did not speak out--
Because I was not a Trade Unionist.
Then they came for the Jews, and I did not speak out--
Because I was not a Jew.
Then they came for me--and there was no one left to speak for me." UNKNOWN