The San Francisco Chronicle reports that Bank of America is raising its non-customer ATM fees to $3 per transaction. The spin is they are upping the the fee to divert non-customers from their ATMs, thereby making it more convenient for their customers. How nice. But bank analysts say these fees are the fastest-growing profit centers for banks, and the extra dough is built into their business plans.
So take you pick on the real reason for the increase. Do you believe the bank's PR machine or the analysts who make their living following banking industry trends?
But you don't have to pay these fees if you go to your own bank. Is it worth $3 to you for the convenience of using the nearest ATM? If so, have at it.
While I think banks gouge us in dozens of way, it is our choice to allow it. You can avoid fees by smart banking. Besides, most of us willingly pay $3.65 for a Starbucks latte. Why not $3 to get some quick cash out of the nearest ATM?
We have a very convenient society, but it will cost you to use it. Your choice.
Here are some tips from the Chron on how to avoid ATM fees:
-- Plan so you can use your own financial institution's ATMs.
-- Use your ATM card as a debit card and get cash back when you make purchases at groceries, drugstores and other retailers.
-- Do business with a bank, thrift or credit union that belongs to an ATM alliance with cash machines around the country.
-- Alternatively, keep your checking account at an institution that reimburses you for other banks' ATM fees, such as Schwab Bank, Mechanics Bank and many other institutions.
-- Find out which institutions in your area allow noncustomers to use ATMs for free. Your own bank might still charge you, but at least you'll avoid a second fee.
-- If you must use ATMs that charge noncustomers, make one large withdrawal instead of several smaller ones.
-- Avoid private ATMs at places like bars and restaurants, which often charge hefty fees.
...and yet, "thumbs up" for B of A's exploitation of unsuspecting high school students at Mcclane?
Actually, the Thumbs Up was to County Bank, a local bank that must respond to local customers. Why do you say these students are being exploited? Seems like a pretty cool program to me.
sorry, I spoke in ignorance