Fee-charging ATMs
Discussion
bbc said:
A Treasury Select Committee report was also critical of the Post Office, saying it had too many charging ATMs - which could hit the poor in particular.
Frankly, why shouldn't the machines charge a fee? It's a convenience thing, really. You have a choice, either go to the nearest free ATM, or to your local bank, or pay a fee to use an ATM at the nearest petrol station / pub etc. These machines wouldn't exist if there wasn't a market for people who are prepared to pay a couple of quid for the convenience factor.
Perhaps cigarette machines should also be regulated so you don't have to pay £5.50 for 16 fags? You get the advantage of not having to go find a shop that's open, so you pay the penalty in cash.
miniman said:
Frankly, why shouldn't the machines charge a fee? It's a convenience thing, really. You have a choice, either go to the nearest free ATM, or to your local bank, or pay a fee to use an ATM at the nearest petrol station / pub etc. These machines wouldn't exist if there wasn't a market for people who are prepared to pay a couple of quid for the convenience factor.
Perhaps cigarette machines should also be regulated so you don't have to pay £5.50 for 16 fags? You get the advantage of not having to go find a shop that's open, so you pay the penalty in cash.
Yes and no - for the majority its fine. However, the proliferation of charging ATM's in key locations is potentially harmful. For example, the majority of DSS payments are now electronic. You need cash, you go to a cash point (since banks dont actually like you using the counter any more). If you are unfortunate enough to not live close to your bank and dont have a car, then you might see the convenience of having a local cash machine is good - but when it charges you between £5 - £10 for the privilege its a bit of a con.
Fine for those who can pay, for those who dont have much choice, its a con......
Oh, and nothing to do with the banks actually making billions of pounds profit (HSBC made £12Bn) and are looking at MORE ways to charge customers..... its a fine line between acceptible service delivery and rampant profiteering - especially when you look at customer relations.....
Raify said:
What if it's the fee-charging one is the only ATM around? I stopped at the M6 toll road services, and the only cash machine charged £1.75.
Should I have popped up the road (where's the next services? 50 miles?) to the nearest free one?
What if there was no cash machine there at all?? Motorway services are another great example of something that could be argued is a blatant rip-off - e.g. Burger King at the services charging way more than a town-centre outlet. However, they are there to make life more convenient. 20 years ago, you couldn't stop at a services on the M25 because there weren't any. You would have to drive a few miles from a junction instead.
JagLover said:
In the end its a free market you have a choice between cost and conveniance.
To the OAPs whose pension is now paid directly into their bank accounts (whether they like it or not, i think) they often don't have this choice. And free ATMs were used as a sweetener for the closing of rural branches.
There should not be a fee for withdrawing your own money. And the banks certainly aren't destitute.
I say vote with your feet.
Start withdrawing money at the counter and the banks will soon have a massive pr issue with queues and an even bigger issue with their wage bill as they have to employee more people due to demand.
It may be hassle for us at first but by god they'll feel it in the pocket.
Start withdrawing money at the counter and the banks will soon have a massive pr issue with queues and an even bigger issue with their wage bill as they have to employee more people due to demand.
It may be hassle for us at first but by god they'll feel it in the pocket.
s 8 grn said:
I say vote with your feet.
Start withdrawing money at the counter and the banks will soon have a massive pr issue with queues and an even bigger issue with their wage bill as they have to employee more people due to demand.
It may be hassle for us at first but by god they'll feel it in the pocket.
What,you mean they won't put overdraft charges etc up to finance it?
I think the gist of the select committee report was that they had no problem with ATMs charging a fee so long as it was obvious that there was a fee as you approached the machine.
Apparently, with many fee charging ATMs it only becomes apparent that a fee will be levied at the last step of the transaction. The report suggested a sign visible from several yards away.
Paul
If cash machines at banks start to charge, then yes, I think that should be stopped.
but the only ATMs I've seen that charge have been in pubs/clubs, petrol stations and service stations. It's usually pretty obvious they are the sort that charge - they are small portable units not affiliated to any one bank in particular.
Not sure on the ones in post offices though .. I think they should be free to use, esp. since pensions/benefits etc are going straight to bank accounts now.
but the only ATMs I've seen that charge have been in pubs/clubs, petrol stations and service stations. It's usually pretty obvious they are the sort that charge - they are small portable units not affiliated to any one bank in particular.
Not sure on the ones in post offices though .. I think they should be free to use, esp. since pensions/benefits etc are going straight to bank accounts now.
I think alot of times these fee charging cash points are a tax on stupidity.
I have had to use them once (no other option)-and so I withdrew £100 so I would not need to use a cashpoint for a while.
If you are going to withdraw only £20 after knowing you are going to be charged £1.50-then you deserve to lose the money and have it returned into the wider economy
I have had to use them once (no other option)-and so I withdrew £100 so I would not need to use a cashpoint for a while.
If you are going to withdraw only £20 after knowing you are going to be charged £1.50-then you deserve to lose the money and have it returned into the wider economy
esselte said:
I say vote with your feet.
Start withdrawing money at the counter and the banks will soon have a massive pr issue with queues and an even bigger issue with their wage bill as they have to employee more people due to demand.
It may be hassle for us at first but by god they'll feel it in the pocket.
What,you mean they won't put overdraft charges etc up to finance it?
I doubt it - through competition the rates will stay low - there are too many internet banks now that carry weight.
s 8 grn said:
esselte said:
s 8 grn said:
I say vote with your feet.
Start withdrawing money at the counter and the banks will soon have a massive pr issue with queues and an even bigger issue with their wage bill as they have to employee more people due to demand.
It may be hassle for us at first but by god they'll feel it in the pocket.
What,you mean they won't put overdraft charges etc up to finance it?
I doubt it - through competition the rates will stay low - there are too many internet banks now that carry weight.
How do you draw cash from an internet bank?
>> Edited by esselte on Thursday 31st March 11:51
A client of mine does free standing cash machines, and rents them to service stations, etc. It's big business.
They are trying to make it free for consumers by asking the banks to subsidise them, but the banks aren't going for it.
That aside, if I can withdraw cash on the spot for £1.50, conveniently, rather than have to drive a few miles and sit in a traffic jam burning fuel in a town centre just to use the bank's free ATM, I know which I'd rather do.
They are trying to make it free for consumers by asking the banks to subsidise them, but the banks aren't going for it.
That aside, if I can withdraw cash on the spot for £1.50, conveniently, rather than have to drive a few miles and sit in a traffic jam burning fuel in a town centre just to use the bank's free ATM, I know which I'd rather do.
esselte said:
How do you draw cash from an internet bank?
Go to a cash machine. Most of the internet banks are affiliated with a high street branch, eg First Direct + HSBC.
In fact, having an "internet only" account (which doesn't send paper statements) means I can draw cash from any cash machine* with no charge.
* Not including the independant charging machines that we started talking about here
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