Clicky

Bank ATM Surcharges

Default content image
Listen
Media Options
Listen

Ed Mierzwinski, of the Public Interest Research Group (PIRG), reports on a study concerning ATM surcharges, and banking monopoly. The explanation given in an example of "double-dipping" is that when you ask for 20.00 at a machine, the machine takes 22.00 from your account and gives you 20.00. In addition to the 2.00 fee, the bank or creditor of the ATM also gets a portion of the dollar you pay your bank for this transaction. PLUS and Sirus are allowing this ATM surcharge fee as of April 1st 1996, due to pressure from banks and their creditors, VISA and MasterCard. Because small banks and credit unions have less access to ATM sites, they are at risk for losing business to large banks where consumers may not have to pay an extra fee for access to their funds. A monopoly of the ATM business presents itself as a result of the lack of choice in banks to use when considering availability of ATMs and the surcharge penalty when using out of network ATMs. Lack of regulation at the State level is preventing a check against the domination of the banking market.

Guest Names:

Ed Mierzwinski, US Public Interest Research Group

Related Story

Video squareStoryJul 17, 2017Outrage Mounts as Saudi Arabia Plans Imminent Executions for 14 Accused Pro-Democracy Protesters
The original content of this program is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License. Please attribute legal copies of this work to democracynow.org. Some of the work(s) that this program incorporates, however, may be separately licensed. For further information or additional permissions, contact us.

Non-commercial news needs your support

We rely on contributions from our viewers and listeners to do our work.
Please do your part today.

Make a donation
Up arrowTop