Charges for cash machines, don't you just hate it!?

Question

I don't think its right to have to pay for you own money do you?

lol. unbelievable some people are defending the cash machine charges and calling us silly for not being organised!! - wtf!

People should NOT have to pay to get their own money simple as that, convenience or not, I find a £1.50 charge quite innconvinient to get my own money, its a scam.

I suppose in the /twenty years time the withdrawal fee with be over £5! its not right it should be outlawed

Answer 1

Yes I hate them!, charges for drawing out your own hard earned money! It's a joke.

Answer 2

Most BANKS don't charge for using their ATMs because they got lynched over that when they tried it a few years ago, didn't they! They have no reason to charge customers for the use of their machines, because without them, they'd have to employ loads more counter staff, stay open 23 hours a day and STILL have queues round the corner whereas with their sweet little machines needing only refilling as necessary and therefore using far less staff and just a little security and resources, OUR money is earning THEM loads of interest 'just sitting there' (actually working for them on the stock market!) WHEREAS the people (independents) who run the machines in (usually) small shops make a charge for their provision and therefore our convenience. ON THE OTHER HAND, if you can't organise your money a little better than to have to rely on getting some cash from your local corner shop instead of taking a stroll to the nearest (Banks') cash point, then you deserve to have to pay for it! It's not rocket science to know that you'll need some cash for shopping/the weekend/a day trip etc before hand, so shouldn't people get themselves organised first? Surely it's not that difficult - and then they DON'T have to PAY withdrawal fees. In the words of the prophet (or in this case, PROFIT!- "See what I mean?"

Answer 3

No, I don't. You don't have to pay unless you're using a bank that you do not do business with. And in that case, you're paying for the convenience of using their equipment and network (which is not free) to get to your money. You can also shop around and open an account with a bank that reimburses fees charged at other banks.

Further, to the poster complaining about banks having his precious money sitting around earning interest, you would do well to understand the fundamentals of the yield curve. You'll note that of late, it has been flat or inverted. That means that short-term rates are equal to or higher than long-term rates. Banks make money by lending money long-term at higher rates than they pay short-term in interest, right? Well, when the yield curve is inverted, that formula doesn't work. Banks also do not have some magic formula that allows their "money to work for them" in the stock market at some extraordinary rate. They make money and lose money just like any other investor in the market.

I'm not saying some banks don't charge ridiculous fees, or that banks are glorious servants of the public interest, because they're not. However, people who are ill-informed and whine about not having free everything (who I'm sure will work for free their entire lives) are a bit off-putting, don't ya' think?

Answer 4

So you think you should have the service of being able to withdraw cash on demand, and NOT pay anything for it? Can you name any other service you get that you don't pay for? You are right, it's your money, so get your lazy fat **** down to your Bank and withdraw it, then close your account and put the money under your mattress. Problem solved!

Answer 5

Yes I hate paying, but we are paying for the convenience. Most banks don't charge only independent cash machine suppliers. I always use the free bank machines, (unless I am desperate!).

Answer 6

you dont have to pay to take your money out

dont be silly , or go to the atm that dont charge

common sense

Answer 7

Yes I loathe it!!!

Answer 8

bloody right you are, the twats!

Answer 9

yes i do hate it, and I don't think its right!!!