Today, I hopped out of bed, showered, and headed out the door - only to discover that I was strapped for cash!
Too much partying last night, I guess!
So, I headed off to the ATM to make a quick withdrawal.
Unfortunately, my financial institution was across town, so I was forced to facilitate the ATM machine at the Bank of America.
I was flabbergasted when I inputted the info at the machine and was summarily informed that I would be charged $3.00 for the transaction since I was not a customer at the B of A.
When I was asked if I would accept the charge, I hit the "no thanks" key!
Was it my imagination, or did the ATM hesitate a moment before returning my card?
What? You said no?
Yeah, I don't support greed!
Others are critical of the excessive ATM charges, too.
"That's the highest surcharge in America, and it affects millions, because B of A has the largest ATM network in the country," USA Today reports.
"Banks often move like a school of fish on punitive charges such as ATM surcharge," added an analyst.
Bank of America has been quietly introducing the new fee at ATMs throughout the country since July, but the charge will remain $2 at machines in malls, convenience stores, and at airports for the moment.
"The higher fees in the other two-thirds of ATMs will reduce wait time for our own customers," a representative of the bank stated straight-faced.
Baloney!
Most banks charge $2.00 currently, and one I know of at 7/11, only bills a dollar and fifty cents.
On a $20.00 withdrawal, the charge at B of A is excessive, don't you agree?
Notwithstanding, my financial institution will also bill me for using the facility - yeah, I get a slap for using a convenience ATM at B of A and for balking at the idea of going cross-town four miles to my own branch for the ready funds.
Based on figures from the General Accounting Office, Bankrate.com estimates that banks are collecting over $1.9 billion from consumers every year at a minimum.
"These charges continue to be a hotly debated issue," a study has indicated, "with consumers and advocacy groups on one side, and banking institutions on the other."
Recently, I received a notice in the mail informing me that I was entitled to sign on as a Plaintiff in a class-action suit against B of A in respect to a Visa Card I once held with them. Apparently, they were charging me illegal fees without my knowledge.
Gosh, clever billing procedures; I never noticed!
Ha, got caught with their hand in the cash register at last!
Well, there doesn't appear to be any current plan for B of A to gobble up any new banks just yet, so until they pounce on mine - I'll avoid the money-grubbing monster!
If push comes to shove, I'll open an off-shore account.
I guess I'll have to deal with the Nigerians then!
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