Though I am sure no one here pays ATM fees

[daisylu]

be warned.

finance.yahoo.com/news/Want-cash-from-an-ATM-Pay-a-5-cnnm-2010047842.html?x=0

[dancinmama]

Your avatar is hot.

[phil5185]

JP Morgan Chase is currently testing the $5 ATM fee in Illinois and a $4 ATM fee in Texas -- both for non-customers who use its ATMs

What useful function do they provide? I used ours a few times in the 1990's to see how it worked - but I haven't found them to be convenience for everyday living. Seems way easier to swipe a credit card at point-of-sale instead of making an extra trip to an ATM and standing in the elements while you poke at it.

[Deleted]

From the article:

Meanwhile, HSBC Bank USA this month started charging all non-customers a $3 fee for using its ATMs, saying that this pricing is more competitive. Previously, about 60% of its ATMs charged a $3 fee for non-customers, while the remaining 40% charged either $1.75 or $2.50.

Since when did companies increase prices to remain "competitive"? I guess maybe I don't understand 'cause I ain't got one o' them thar fancy MBA degrees.

This actually could affect me. I'm moving my money to BankDirect to get American Airlines miles and a tiny bit of interest. BD reimburses ATM fees, but there's a limit on the amount ($3, I think) and how many they reimburse per month. I withdraw $200 at a time and it lasts for about a month, though- we put nearly everything on the credit cards and pay them off in full every month.

And while I agree that mobile banking and ATMs take money to set up and maintain and someone needs to bear the cost, I'd say part of that cost is realized in the savings banks realize through having fewer branches and fewer tellers. While I appreciate mobile and ATM banking, what they're saying is "we're moving to a self-service business model where you [the customers] have to do more on your own and we're going to charge you for it".

[Deleted]

What useful function do they provide? I used ours a few times in the 1990's to see how it worked - but I haven't found them to be convenience for everyday living. Seems way easier to swipe a credit card at point-of-sale instead of making an extra trip to an ATM and standing in the elements while you poke at it.

Funnel cakes.

I was trying to think of the occasions where I really needed cash instead of a debit or credit card, and I settled on summer festival season. Because sometimes, I really need a funnel cake and an overpriced beer.

And if the other threads talking about limits on debit card transactions come to bear, getting cash back from the grocery store in lieu of stopping at the ATM may get tougher/costlier in the future.

[2kids10horses]

Phil,

I, too, generally use my credit card(s) to make everyday purchases. However, I pay my day laborer in cash. That's generally when I use it, to withdraw cash to pay him.

Oh, I also use cash to pay the guy who delivers round bales to my horses. They eat one every two weeks.

[schildi]

I can think of two cases in the last 5 years when I unexpectedly needed cash. Luckily, I have a checking account that reimburses me for other banks ATM fees, so I did not have to pay the fee. But at 2x in 5 years, a $5 fee per transaction would not be the end of my finances either.

[comom1]

Boy, I hardly ever go to an ATM and when I do, it's one affiliated with my bank. On the extremely rare occasion I would need to use another ATM, I don't think the higher fee would cause me any problems.

[Deleted]

I don't even HAVE an ATM card...
never had a need to want one.

[iono1]

I use different bank's ATMs when I'm on vacation. It's easier than bringing a lot of cash at the beginning. If they charge me $5 for something I do once or twice a year, it's no big deal. By the time I hit the ATM, I've spent plenty of money.

[cael]

I do go to the ATM sometimes, my bank is up the street - I need cash once in a while. Although recently they started charging a foreign ATM fee of $2, which makes me so angry because there's an ATM across the street from my work that was free & never charges me. But now *my* bank charges me for using it my bank keeps getting crappier & crappier with the fees

[daisylu]

Mar 19, 2011 8:18:01 GMT -5 phil5185 said:

JP Morgan Chase is currently testing the $5 ATM fee in Illinois and a $4 ATM fee in Texas -- both for non-customers who use its ATMs

What useful function do they provide? I used ours a few times in the 1990's to see how it worked - but I haven't found them to be convenience for everyday living. Seems way easier to swipe a credit card at point-of-sale instead of making an extra trip to an ATM and standing in the elements while you poke at it.

The hours that I work make it very difficult to get to a bank, so they are useful to me. Most of the time I get cash out at the grocery store, but there are instances (like tonight) where I will likely be spending several hundred dollars in a venue that is cash only. Luckily there is a gas station chain that provides service free ATMs, otherwise I would have no choice but to pay a fee.

[daisylu]

Mar 19, 2011 9:51:13 GMT -5 cael said:

I do go to the ATM sometimes, my bank is up the street - I need cash once in a while. Although recently they started charging a foreign ATM fee of $2, which makes me so angry because there's an ATM across the street from my work that was free & never charges me. But now *my* bank charges me for using it my bank keeps getting crappier & crappier with the fees

I went with a higher level account at my CU to avoid this - lower level accounts came with a $1 "foreign ATM" fee.

I expect to see more of these types of fees.

[Deleted]

My bank reimburses me for ATM fees at other banks.

[TheOtherMe]

I only use ATM machines that are attached to my own bank. If I need additional cash, I get it by using my debit card and get cash back. No fee on that---yet.

[sapphire12]

The benefits of banking with Bank of America. They are pretty much every where I go. I've only paid one foreign ATM fee, back in 2007, I think. $5 once every three or four years is not going to really affect me.

[runewell]

Mar 19, 2011 8:22:50 GMT -5 @athena53 said:

I withdraw $200 at a time and it lasts for about a month

What's the max you can withdraw? Withdraw the max and keep more cash stashed around the house.

[Deleted]

Mar 20, 2011 0:34:28 GMT -5 runewell said:

What's the max you can withdraw? Withdraw the max and keep more cash stashed around the house.

Yeah, right now any burglar looking for cash in our house would be sorely disappointed. We've had discussions here and on the old Board about keeping cash around in case the ATMs went out and it's probably not a bad idea.