J P Morgan Wants $5 ATM Charge

Discussion in 'Economics' started by bearice, Mar 31, 2011.

  1. J.P. Morgan Chase and other banks are trying to recoup approximately $30 billion a year in lost overdraft fee income by testing $5 ATM fees, Consumer Action spokesman Joe Ridout told CNBC.

    These banks have “historically been reliant on overdraft fees,” he said, so they’re “coming up with new ways to make up the difference.” He said higher ATM fees and other rising costs penalize small depositors.

    Nessa Feddis, spokeswoman with the American College of Consumer Financial Services, agreed there are “enormous pressures on banks because of lost revenue.”

  2. Other poster:

    First they get everyone to use ATM cards instead of checks and then they stick it to you.

    Just like TV. It was free and ads paid for programming, now we pay $75 a month to watch commercials and now it’s digital so nobody can transmit rouge tv broadcasts in ‘emergencies’.

    Telephones were/are $20 a month, now with cell phones and zero costs, we are paying $100+ for the convenience.

    All these and more so-called technology advances were just ways to pump more money out of us.

    They get you hooked and then stick it to you.
  3. If its true then just change banks at least for your basic banking.
  4. use a credit union. Get for low fees with business users...
  5. There is possibility that the fees will reach credit cards and debit cards in future.
  6. Consumers won't bite. No way in hell.

    Isn't getting an infinite line of credit at 0% interest a way to make enough money?

    I've never been to Vegas but I was told that ATMs in the casinos charge $5 or $6 which I suppose makes sense given that people who have been given lots of free booze and want to take out money to gamble don't mind paying a few extra bucks for the privilege. As far as on street corners, inside bodegas, or at banks where you're using an ATM from a competitor there is absolutely no way this will work.
  7. jprad


    They're only "sticking" it to the same people who've already been paying ATM charges -- idiots who use a "foreign" ATM.

    If you're a BoA customer and use a Chase ATM you deserve what you get.

    Bullshit. Every OTA channel is still there in digital, unencrypted HD, form.

    Bullshit, again. First off, no one's FORCING you to buy a mobile phone and linelines are still available and still cheap. Second, every wireless carrier offers no-frills wireless for not much more than the cost of a landline.
  8. I remember in the 1970s, you used to rent your home phone because AT&T wouldnt let you buy it. Cost between $9.95 and $19.95(the expensive one was the push button phone and the cheap one was rotary) It also cost $1 per minute to call long distance.

    Average income was about $15k per year in the late 70s, so I suppose those prices adjusted for inflation would be like leasing your phone for $30 to $60 per month and paying $3 per minute long distance now.

    Anyway, I have a home phone and I pay $20 per year for that bill. (magic jack) But since you are probably talking about phone bills in the 1990s, ask yourself how much money you sank into pay phones before you had a cell phone. I also remember paying about $40-50 per month for my landline in the 1990s, not $20 like you say. And people that have $100 per month cell phones are people that use the internet or talk way more than a normal person should talk on a phone.
  9. This is getting stupid. Exit plan has been initiated. If you have any money keep it someplace else besides the bank.