Is there any rule protecting consumers that banks don’t want to kill?
The federal Electronic Fund Transfer Act requires every ATM to have a sign on it that explains how much it costs to use.
Seems like a no-brainer, right? An automated teller machine should tell you, before you put in your card, how much they’re going to charge you.
But according to the New York Times, banks, credit unions and independent ATM operators want the rule killed.
They don’t want you to see the cost before you put your card in because they know that makes it a lot easier for you to shop around and find a less-expensive ATM.
It’s more time consuming, and you’re far less likely to bail on a machine once you’re well into the process of accessing your money. There’s a reason the charge doesn’t appear until the very last screen of the transaction.
It’s a lot easier to raise ATM fees if you don’t have to post them on the machines that collect them.