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Green Room: April 1, 1996

April 1st, 2011 by Ben Collins Editor

It looks like banks—those trusty, warm and cuddly institutions we’ve all grown to love—might be trying to pull a fast one on us for trying to be faster with them.

That’s right, banks might start charging you to use their automated teller machines if it’s not your bank’s ATM. Before you get out your phone book to find out where to call and complain, here’s Good Morning America to explain. Listen up, especially if you’re pinching pennies for one of those Sony Playstations.

As if.

Can we “scream and holler,” as that Internet video segment asks above? Yep, that would probably be a good thing to do. It might save us some time if they try to get tricky in the future.

But, first, let’s all congratulate money correspondent Tyler Mathisen on his floral/dove tie. It’s so Chandler.

There’s one thing I know to be true: ATM fees might come and go. But Friends are forever.

Last comment: Jul 14th 2011 2 Comments
  • Dan says:

    It costs a bank money to set up and manage those ATMs (land in the best places, equipment, loading, unloading, accounting). Why should they provide free service to their competitors?

    On the other hand, in my city, through a series of 3 mergers of the largest banks in the area, a single bank now has almost all of the good locations.

    There are 2 solutions to this:
    #1) The ideal solution: Break up Bank of America.
    #2) Force all banks to sell their ATMs, except those inside their own branch offices, to a private company not involved in retail banking, and with the appropriate but not excessive regulations, let them sell the service at the same price per customer to all participating banks.

    (This does not mean that the customer will be charged for the service, since the banks are already paying at least as much to manage their own ATMs.)

    I believe in free market capitalism, but given that there are a limited number of good locations in our cities (and suburbs), which are already very built up, a competitive market is not possible, precisely the type of situation where this level of regulation is justified in free market economic theory.

  • Blue Rainbow says:

    I like the writing, make sure you keep writing. Can’t wait for the next article.