Within this article talking about how banks are jacking up the fees on out-of-network ATM transactions is a more interesting story, the reason for the fee increases: ATM use is in decline. Between debit cards and wireless transactions and e-commerce and mobile-capable credit card readers, etc., the urgent need to run out and grab some cash is simply fading away.
The young whipper-snappers of today’s era have no conception of how revolutionary the ATM (which stands for “Automated Teller Machine”) was. When I was a wee lad in college, there was a Friday afternoon ritual that everyone, student and grup alike, performed: run into town to cash a check to have cash for the weekend. Underestimate your need and you would be stuck, because banks were closed on Saturday and Sunday. (It was a simpler time.)
That was just on the cusp of the ATM revolution (which occurred alongside the PC revolution). Suddenly, money was available 24×7, and in many, many more locations than the local branch of your bank. Yeah, there were fees, and weird security concerns about visiting a building after dark and getting money out of the wall, but it was a stunning convenience that just plain old made people’s lives easier and less complicated in a way that today isn’t even noticeable, it’s so pervasive.
It is, perhaps, a sign of one’s age when landmark technological improvements that one can clearly recall are, themselves, gradually rendered obsolete.
ATMs aren’t going anywhere. Yet. But, like pay phones, I suspect the writing is on the wall.
ATM Fees Hit New Highs Because Fewer People Are Using ATMs
Between the rise of e-commerce, credit/debit card use, and mobile payment platforms, the days of “running to the ATM” for enough cash to get through the day are gone for many people. Th…
Yes, but-
http://www.abc.net.au/news/2017-09-24/commonwealth-bank-and-westpac-axe-atm-fees-for-non-customers/8979250
Why would I pay $2.50 in ATM fees when I can walk into any grocery store, buy a $1.50 soda and get cash back?
+Laura Ess The difference seems to be that the Australian government appears to have been putting pressure on the banks, while the US government couldn't give a fig.
Wow. I just had a flashback to standing in line at the bank to deposit my paycheck. ATMs put the kibosh on that since I could deposit a check at any time rather than just when the bank was open. Of course, I have used direct deposit for so many years now that depositing a paycheck personally seems hopelessly out of date whether via an ATM or not.
+Dave Hill Quite possibly. The Commonwealth Band was the first, and once that had dropped the fees the rest couldn't not do that.