Thursday, February 23, 2017

Escaping ATM vfees

Time: ATM and overdraft fees cost Americans dearly in 2016.
The nation's three largest banks — JPMorgan ChaseBank of America, and Wells Fargo — collected more than $6.4 billion in such charges last year, according to an analysis from CNN.
The total sum resulted in an average of more than $25 in fees for every American adult. And the cost isn't showing any signs of decline. 2015's CNN report just topped $6 billion, which means ATM and overdraft fees have risen about $300 million in the span of a year.
For customers, finding an ATM that belongs to their bank can sometimes be inconvenient, leaving some users with little choice but to withdraw funds from an "out-of-network" machine. The average ATM fee is now $4.57, according to a survey from Bankrate.

The pits have the equivalent cycle costs, needed for pricing. But otherwise the cost of moving digits is small, There is not such thing as a ATM fee as there is no need to dispense paper.  I would consider the existing ATM fee to be free cash available for smart card development.

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