Bank Fees Gone Crazy---What Are You Supposed to Do?
For most of us, we've gotten used to the idea of a cashless system. We use credit cards all too often, hopefully for convenience but sometimes because of need. So, when I read a recent story in Bloomberg about ATM fees, I almost passed out.
I struggle to remember the last time I went to my bank’s ATM for cash. I have no earthly idea when the last time I needed cash and got it from another bank’s ATM. But whenever that was, I'm sure I paid a little bit of a fee for convenience. And I am a free enterprise person. Almost libertarian in my business views when it comes to government intervention. But based upon what I read recently, having the new Consumer Protection Agency look into this might not be the worst idea in the world.
The article stated that the highest ATM fees to get your own money, but not at your own bank, was in Atlanta GA and averaged $5.66 per transaction. Remember, when you go to the ATM you're getting YOUR money.
While some might argue that there should be a charge for a foreign bank transaction, I think it's also important to realize that not one person ever touches this accounting. It's all done by computer. It's all automated. And yet, the bank is charging $5.66.
The same day that I read the article, I happened to open up our own bank statements. And it turns out that my bank has started charging a fee for receiving paper statements. And I'm a paper statement person. $5. For a statement that tells me how much money I have.
Again, I'm a free enterprise person. I believe in the marketplace. But how in the world banks are getting away with charging some of these fees for things that are extremely basic and almost free is completely a mystery. The right answer in my particular situation with my bank and the statement fee is to move to another bank. But in today's technology driven world, every single direct deposit or expense would take an immense amount of time to transition to a new bank. And time is too valuable to me to do this. Thus, I'll have to make my own adjustment because I’m certainly not going to pay the fee for another month.
All this is to say that the way in which organizations are making money, in particular banks, is changing dramatically. It has to be with these kinds of fees. Either that or they don't think we care… and maybe most people don't. But what I tell my son I say here… I like my money in my pockets.
