03-CTR

the uk is also one of the nicer places where personal bankers don't have to pay for all kinds of banking services (like we did a number of years ago).

i have a feeling that many of the charges that were shifted to business customers (to save the personal banker) will be returning too. i think there will be uproar but reckon that these charges will creep back slowly and gradually over time.

Simon C

The Independant Market is here to stay I'm afraid. As the banks don't want the cost of running the machines, which do mount up, esspecially when you take in the cost of attack (some of the independant machines hold 60k, bank machines can hold 500k). Britain will follow the rest of the work on the charges, that I am certian over, the bank may not charge you for using your own banks ATM's but will charge you for using someone elses.

Scooby Roo

I think what you will find is that theses "charges" are actually made by the independent cash machines ie. the ones you find in corner shops and service stations. The charge is for using their connection and machine in a place you would not normally find a ATM or need one for that matter, if you have VISA you already pay for that privelege (included for within the markup on the product) so use it even if you are buying a penny chew, don't be embarassed.

Just think of all our well paid service men and women who HAVE to use these cash machines as that's pretty much all the MOD supply, now that's worth being upset about.

As to the LINK they have to charge banks for providing this service. They may be non profit making but each employee etc costs money and needs to be paid for somehow. This may be recovered through you bankchrges hence some are higher than others.

My personal opinion is that with the interest rates as they are when you are in credit compared to when you are in debt this service should be free.

Ta

Roo

AndyC_772

iTrader: (2)

I've heard it said that, statistically, people are more likely to change their spouse than they are to change their bank.

Maybe it's time to reverse that trend. Charging me to get at my own money is just plain rude IMHO, and rest assured, I WILL switch providers to avoid it.

Simon C

Cardpoint do have ATM's in Camps, and I can hand on heart say we so not charge on them.

I'll ask next time I see my boss, how Link are funded.

speedking

But the retailer 'absorbs' the cost. Given the choice of paying x or x+2.5% if you use a credit card, most would opt out and use cash. Then fraud would increase, and the cost to the retailer would outweigh the savings made.

The retailer and the customer both benefit from not having to handle large quantities of cash, and that benefit should be shared.

If everyone kept all their cash under the bed the bank would make minimal profits If its not easy to get at, that will become a more attractive option to many.

wez_sti

Whilst i agree the charge is annoying, i can understand it. after all, if only the banks own customers used their machines then they wouldn't need to put as much money in them, which they have to pay for to be delivered...


I havent been charged for withdrawing from a bank in ages either, the only time i ever get charged is if i go to a machine in a bar or club etc.. which you expect to pay for. agree £1.50 is a bit steep though, maybe it should be a percentage of what you withdraw...??

Chrisgr31

Ermmm probably not, because at the moment a banks customers use any banks machines. If there was a charge for this people would only use their own banks machines. The bank would have the same number of transactions but instead of them being from customers and non customers they would be ciustomers only. Some of whom would have used a competitors machine.

The point being missed is that the banks want us to use the machines as it is cheaper for them. They have closed branches because there is a machine available whether one of theirs or some one elses.

HBOS has sold 816 of its cashpoints that aren;t at a branch for £75 million. That just shows how much money they believe they can make out of us withdrawing our money.

Most banks pay derisory interest on money in many accounts, they also take longer than necessary to clear funds. Most people have to use banks, as you can't keep cash under the bed.

If the banks offered a top notch service, and didn;t rook us at every opportunity many people would not object to a small charge for taking money out of a cash point.

However they are money grabbing parasites instead.

Senior_AP

You find it rude that you are being charged to use the facilities of a company that you are not a customer with for YOUR convenience??

AndyC_772

iTrader: (2)

When I give a bank my money, they invest it, cream off their cut, and pay me my interest out of what's left. By this mechanism, I pay for banking services, and I consider the ability to withdraw cash from a machine to be one of those services that I'm already paying for.

As I've clearly explained in my post above, it's in each bank's interests to have a reciprocal arrangement with other banks to improve their service to their customers. I've also explained why I understand that 3rd party machines need to charge - and I choose not to use them for this reason.

Still confused?

Senior_AP

I understand, however choose not to make an issue about having to pay for something that most people "expect" to be free.

AndyC_772

iTrader: (2)

I don't understand why the quotes around the word 'expect'. Most people expect cash withdrawals to be free, it's that straightforward.

In fact, 'free' is the word deserving quotes here - I'd have said instead, "paid for with the money banks already make from their investors".

Senior_AP

So, cos they already make vast amounts of money they're not allowed to try to make more??

Yeah, people EXPECT. It seems people expect everytrhing to be free.

It's a sad state of society.

AndyC_772

iTrader: (2)

Lol

And on the flipside, people wonder how we ended up being 'rip-off Britain'!

Senior_AP

The cost is crazy - agreed.

Having to pay for such a thing, a service is fine. They merely need to evaluate what they charge.

AndyC_772

iTrader: (2)

Amen to that.

Do you think that, if widespread charging for cash withdrawals were introduced, that interest rates paid on savings would increase at all?

Senior_AP

It's possible yes. I have savings so would, to an extent suit me.

However i like to look at things based on their own merits.

I am happy to pay for a convenience service because, to summarize, they don't "have" to offer the service.

Buckrogers

There are not that many, in comparison, businesses that make profits, year on year in the billions. Lloydstsb last year 4 Billion profit. Don't know what Barclays is exactly, would expect it to be more.

I am all for businesses making a profit, but at what amount does the profit become obscene, and clearly, ripping people off? It’s about time the DTi became involved and looked into these money making machines….

Simon C

I will think you'll find they already have.

Buckrogers

What was the outcome?

DTi > "Please don't make such high profits"

Simon C

What profits? Cardpoint haven't made any.

Buckrogers

I was refering to their profits in general and them now adding to those profits by charging for withdrawing cash.

trubble

i moved my current account to nationwide- no fees for withdrawing cash abroad and no day-to-day banking fees, like for duplicate statements or stopping cheques.

the problem isnt banks charging other banks customers for using their ATM's, but the fact that some banks do and others dont.

Scooby Roo

Please look into this as far as I know it is true, go for it prove me wrong. I'll 'ave to speak to a few mates then

Scooby Roo

Mmmmm credit card companies charge for the use of thier cards, the seller will "absorb" theese costs into the overhead and thus add this to the selling price.

This is how it works the card companies are bigger than the smaller businesses so put te charges on them we as the punter pay each time we go into the establishment and they make money.

Wish I'd thought of it!!

Happy Christmas all
roo

Simon C

I know cardpoint machines on MOD sites don't charge as I used to set the surcharges. I cant speak for other companies, and shouldn't really say anything for Cp as I don't work for them anymore.

Chrisgr31

No they don;t, but they did provide the service ecause it was useful to them when they could claim the largest cashpoint network etc. It also allowed them to close braches because there were half a dozen cashpoints in the vicinity etc.

The simple way to stop charges is by going into the bank to withdraw money. That costs the bank a lot more oney than taking it out the hole in the wall!

Chrisgr31

Because they charge so much that people don;t use them.

By the way who owns Cardpoint?

RichA

I disagree with banks charging us to use their cash machines. Whether it is my bank, or another one. Yes, everyone is out there to make money at the end of the day, but as said before the money is made by you doing one of two things already:-

a.) Having money stored within the bank, which they then invest and line their pockets with.
b.) Lending money to people, and charging them for the privelige.

So long as each bank does not charge people to use their machines, then everyone is happy. The day I start getting charged to use cash machines is the day I look at moving my account elsewhere. If I can't find a deal that allows me to get at my money without charges, I'll go down and empty my account from within the branch once each week and find another method of storing it.

Because I'm daft and silly . But I'd do it, just out of principle.

As said before, the machines were introduced to cut the costs of banks - by not having to make customers enter the building and take up the time of the staff to withdraw money. As a side-effect of this, many branches closed down - which means the customer has to travel further to see a representative of the bank in person. And we don't get any money back for this, the bank does .

--Rich