Comments: What's To Discuss?
A few points:
As a comparison, I think I remember the random (not your own institution) bank fees being higher in the US than in Canada. Especially the ATMs provided by non-bank institutions (like you'd find in bars). Not that it matters much, but just for comparison.
I agree with your point that people have a choice. Not only about going to a human teller (which I think is actually more expensive than going to your own banks ATM), but which type of ATM they use. I can go to my own banks ATM for next to nothing.
But sure, every now and then you get caught. Each time I run out of money in a bar and am faced with spending $4 to take out $40, I curse myself for doing it, but usually get the money. It was my mistake for not taking out money beforehand, but I still have he choice.
Where it does seem to get sketchy are restaurants that don't take debit or credit card but instead point you to their own branded ATM right there which costs $5 to withdraw. Sketchy, but not illegal.
Posted by Neil T at March 5, 2007 07:04 PM
I think my biggest complaint about it is that most banks didn't charge a fee if you used their own bank machines (has this changed?). You could find a Royal Bank or Scotiabank branded bank machine just about anywhere. Then, the independent companies started putting their fee charging ATMs in convenience stores, bars and the like, and people still used them. And then suddenly you're seeing the bank-branded ATMs being replaced with "independent company" ATMs, that mysteriously look EXACTLY LIKE the bank branded ATMs. That charged a fee. And at least in the case of CIBC (I'm sure Royal and Scotia did the same), they were in fact owned by the banks. I think the feeling of "unfairness" comes down to the fact that the banks are so obviously trying to screw people by getting them to pay for something that had previously been offered for free.
But maybe all ATMs charge a fee now, who knows? I haven't been to Canada since 2005. I know that my bank never charged a fee to withdraw from a teller, so if people are really that up in arms about it they could always do that. Plus, it kinda screws the bank because I'm sure 5-10 minutes of a teller's time is worth more than $2.50. :)
Posted by Ryan Waddell at March 6, 2007 02:53 AM
I felt kinda the way you do, until I moved to London. NO FEES TO USE ANY BANK ATMS!!!! Oh my God, it's like paradise on earth. Apparently, it was done after intense pressure from consumers and the tabloids in 1999. (Other banks charge my bank when I use their machines, but my bank actually absorbs that cost, by the way. Imagine that!?!)
On the whole, all my banking experiences have been a million times better here; it's like they understand that I am giving them my money and they're going to make vast amounts of money reinvesting it and loaning it and, in exchange, I get excellent services from them. I actually LIKE going to my Barclay's branch (free pen!) in person.
So, I would ask, why isn't it in Canadian banks' interest to make its customers happy like it is here? Because they're an oligarchy - which is contrary to the interests of free market, no? If there was a real bank competition in Canada, ATM fees would go down at the very least...
Posted by JKelly at March 10, 2007 08:22 PM
Post a comment
Thanks for signing in, . Now you can comment. (sign out)
(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)