RE: Be Aware.. Bank of America raising ATM fees

RE: Be Aware.. Bank of America raising ATM fees (Full Version)

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thompsonx -> RE: Be Aware.. Bank of America raising ATM fees (9/14/2007 12:42:58 PM)
quote: ORIGINAL: KatyLied Banking is a business, just like any other publicly held business, it is there to make money for its shareholders. It's not operating solely as a public service to save consumers (who are too dumb to shop around) money. I have yet to see a robot who transfers the money in and takes the reciepts out an an ATM machine. I know it's not like that where I live. KatyLied: You are absolutely right. Well not exactly... You cannot start a bank without a charter from the government. Some banks are private corporations and some are public. My point was that the bank saves a ton of money by having ATM robots dispense money as opposed to flesh and blood tellers that they have to pay and who get to go home at night. So they save a gazillion dollars on the teller and have to pay a few pennies per million to service the robot teller. My position is that it is both greedy and petty and those are only two of the reasons I have not had a bank account for more than thirty years and will never have one. How long till they charge you to park in their parking lot while you are conducting business in their bank...after all someone had to build the parking lot and someone has to maintain it. Maybe they could charge for admission to the bank...some banks are charging teller fees if you actually wish to speak to a real person. If you make more than x many withdrawals from your checking account you are charged for that. Oh yes when they fuck up and go belly up anything over ten thousand dollars in your account is not insured. thompson

FatDomDaddy -> RE: Be Aware.. Bank of America raising ATM fees (9/14/2007 1:03:56 PM)
The ATM costs money to run, advertise, keep up etc. I understand banks wanting to re-coupe that and I do not begrudge them. As for the robot argument, no bank should be required to have a teller on duty so someone can come in at 3:47 in the morning and withdrawal 20 bucks for a doughnut jones or what have you. There is a simple way around these fees... Use your own bank's or credit union's ATM or one who networks your bank or credit union. That way, Bank of America doesn't get your $3.00. This is a classic example of caveat emptor. The bottom line is that ATM machines are modern convinces. No won is being forced to use them at gun point and certainly, no one is being forced to use a Bank of America ATM.

KatyLied -> RE: Be Aware.. Bank of America raising ATM fees (9/14/2007 1:12:43 PM)
quote: some banks are charging teller fees if you actually wish to speak to a real person. Yes, my bank does that, if you call them and request a money transfer, but in order to get to that point you have shown that you are: unable to transfer your money via the telephone, unable to manage the intracacies of filling out a withdrawal and deposit slip or unable to manage your account through their on-line service. How much easier can they possibly make it?

thompsonx -> RE: Be Aware.. Bank of America raising ATM fees (9/14/2007 1:24:45 PM)
quote: ORIGINAL: FatDomDaddy The ATM costs money to run, advertise, keep up etc. I understand banks wanting to re-coupe that and I do not begrudge them. As for the robot argument, no bank should be required to have a teller on duty so someone can come in at 3:47 in the morning and withdrawal 20 bucks for a doughnut jones or what have you. There is a simple way around these fees... Use your own bank's or credit union's ATM or one who networks your bank or credit union. That way, Bank of America doesn't get your $3.00. This is a classic example of caveat emptor. The bottom line is that ATM machines are modern convinces. No won is being forced to use them at gun point and certainly, no one is being forced to use a Bank of America ATM. FatDomDaddy: I have not suggested that a bank was not entitled to make money while doing business. That is of course, why they are in business in the first place. Your post implies that all they are doing is recouping their cost of doing business with the machine. That is not the case, as I have pointed out and you have chosen to ignore. It is, of course, completely legal to charge three dollars for something that cost less than a tenth of a cent. I think you and the bank should at least do the public the courtesy of admitting that it is a giant "legal" ass fuck and not malign our intelligence with fatuous platitudes about "recouping cost" and "caveat emptor". thompson

thompsonx -> RE: Be Aware.. Bank of America raising ATM fees (9/14/2007 1:35:27 PM)
quote: ORIGINAL: KatyLied quote: some banks are charging teller fees if you actually wish to speak to a real person. Yes, my bank does that, if you call them and request a money transfer, but in order to get to that point you have shown that you are: unable to transfer your money via the telephone, unable to manage the intracacies of filling out a withdrawal and deposit slip or unable to manage your account through their on-line service. How much easier can they possibly make it? KatyLied: The teller is in the bank to assist the client...the bank initiates an automated on line service and now the teller is only there to assist the client if the client is willing to pay for that service. Home Depot now has self check out...how about they start charging for the use of a real checker for those too stupid or too lazy to use the self check out...how much easier can they make it? I agree it is all completely legal and it will most likely have a positive effect on the bottom line. I just think it is greedy,petty and a huge crock of shit. thompson

TheHeretic -> RE: Be Aware.. Bank of America raising ATM fees (9/14/2007 5:39:32 PM)
Thompson: Be glad the checks weren't for over a certain (but not to be revealed) dollar amount. I tried to cash a payroll check drawn on their bank once, and was told I would have to take it to the particular branch where the account was based so they could compare signatures on the card. Given that I had over 170 hours on that two week period, and the branch in question was on the other side of 100 miles of LA traffic late on a Friday, I think my reaction was remarkably restrained (and the security guard was intelligent enough to believe me when I told him he wasn't paid well enough to do anything but go sit his ass down). I now do business with a very nice local bank. And no matter how far I may be from one of their ATM's, BofA NEVER gets my business.

thompsonx -> RE: Be Aware.. Bank of America raising ATM fees (9/14/2007 5:54:03 PM)
quote: ORIGINAL: TheHeretic Thompson: Be glad the checks weren't for over a certain (but not to be revealed) dollar amount. I tried to cash a payroll check drawn on their bank once, and was told I would have to take it to the particular branch where the account was based so they could compare signatures on the card. Given that I had over 170 hours on that two week period, and the branch in question was on the other side of 100 miles of LA traffic late on a Friday, I think my reaction was remarkably restrained (and the security guard was intelligent enough to believe me when I told him he wasn't paid well enough to do anything but go sit his ass down). I now do business with a very nice local bank. And no matter how far I may be from one of their ATM's, BofA NEVER gets my business. Rich: The clown behind the counter is paid to put up with my shit...the suit back behind the third row of desks is not. So when I demand to see him he wants me out of his shit as quickly as possible. My basic rule is "never accept a no from someone who is not empowered to give me a yes" thompson

Owner59 -> RE: Be Aware.. Bank of America raising ATM fees (9/14/2007 6:31:12 PM)
Seems like every other fee is going up,as well.Banks will gouge(charge) ,what the market will bear.

happypervert -> RE: Be Aware.. Bank of America raising ATM fees (9/14/2007 7:08:03 PM)
quote: My point was that the bank saves a ton of money by having ATM robots dispense money as opposed to flesh and blood tellers that they have to pay and who get to go home at night. Unfortunately, you are talking from an intuitive guess at how it works but you obviously have no experience in the banking industry; I do, and it didn't work that way. Back when ATMs were first installed the industry thought it would be a great labor saving and cost cutting device, but they realized very little savings at all. What happened instead was something called "transaction inflation" -- instead of going to a teller to get $100, people go the a machine 5 times getting $20 each. Furthermore, that does nothing for people making deposits -- almost nobody uses ATMs for deposits. Yet others ignore the machines altogether -- for example, a lot of old folks LIKE going to the bank and will do so more than once per week just for a nice little chat with that teller because she is always so nice. As a matter of fact, with some customers opting for machines the reduction in crowds encouraged them to visit MORE! So, this huge cost saving you claim is just a figment of your imagination.

Lordandmaster -> RE: Be Aware.. Bank of America raising ATM fees (9/14/2007 7:16:44 PM)
There are two ways to avoid this: 1. Become a Bank of America customer (what they want you to do) 2. Don't use Bank of America ATM's (what they don't want you to do) That's about all there is to it. Now and then corporations do something that's NOT objectionable.

thompsonx -> RE: Be Aware.. Bank of America raising ATM fees (9/14/2007 8:34:32 PM)
quote: ORIGINAL: happypervert quote: My point was that the bank saves a ton of money by having ATM robots dispense money as opposed to flesh and blood tellers that they have to pay and who get to go home at night. Unfortunately, you are talking from an intuitive guess at how it works but you obviously have no experience in the banking industry; I do, and it didn't work that way. Back when ATMs were first installed the industry thought it would be a great labor saving and cost cutting device, but they realized very little savings at all. What happened instead was something called "transaction inflation" -- instead of going to a teller to get $100, people go the a machine 5 times getting $20 each. Furthermore, that does nothing for people making deposits -- almost nobody uses ATMs for deposits. Yet others ignore the machines altogether -- for example, a lot of old folks LIKE going to the bank and will do so more than once per week just for a nice little chat with that teller because she is always so nice. As a matter of fact, with some customers opting for machines the reduction in crowds encouraged them to visit MORE! So, this huge cost saving you claim is just a figment of your imagination. happypervert: Please do not assume that you are the only one with any banking expertise. Your analysis may work on a nine year old but please do not try to sell that hyperbole to an adult,especially one who has more than a passing acquaintance with the banking industry. thompson

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