patrick.net

mmmarvel says

So Bernie makes the statement that he wants to cap ATM fees to $2. Uh, yeah, ATM fees really cost me (NOT). But there is much more (that Bernie doesn't understand) under the surface.

You really think it costs the bank anything like $2 to run a transaction? It's one of the biggest profit centers for banks, and it allowed them to lay off huge numbers of bank tellers, which was reward enough.

A $2 ATM fee is like if all the supermarkets got rid of almost all the cashiers and only had self-checkout - and then required you to pay $2 to use the self-checkout.

The only thing more bullshit than $2 ATM fees is the ridiculous fees charged by public-private monopolies to access electronic versions of taxpayer funded research.

Bernie is as clueless as his supporters. All he needs to say is "da won pahsent" and his fans cheer

lol--this article was clearly written by a banker who is afraid that his cash cow could be ended. Sanders clearly understands economics a LOT better than the author or the OP.

The author would have a point if he was referring to atms that are not near a bank office. Obviously banks would put up atms at their branches to avoid using tellers. I kind of think that big banks use their atm network to attract depositors who are profitable for other reasons. The large atm fees for out of network banks seem to be a big boon to large banks at the expense of smaller banks. That is why banks like USAA pay for a few out of network transactions each period. This does seem like a bit of a non-issue to me though.

thunderlips11 says

You really think it costs the bank anything like $2 to run a transaction?

No I don't, but I also think that anyone who uses an ATM that will charge you a fee is an idiot. I know, just rambling of an old man (me).

mmmarvel says

No I don't, but I also think that anyone who uses an ATM that will charge you a fee is an idiot. I know, just rambling of an old man (me).

Ironman says

Have you ever seen the monthly ATM fees stupid Millennials rack up?

What's wrong with a $2 cap? Making $1.95 for 5 seconds worth of electricity and combined other expenses isn't enough free money?

zzyzzx says

Well, it's pretty hard to tax poverty, isn't it?

Of course you tax wealth, you dolt. The sooner you realize that the vast majority of the 1% work very little, the sooner you understand how the economy really works.

zzyzzx says

Hmm.. maybe you see why people want to get a college degree now?

tatupu70 says

Hmm.. maybe you see why people want to get a college degree now?

So you think it's OK to have taxpayers subsidize a college education so that we can have more college grads as waiters and cashiers?

zzyzzx says

Wow--this is a new low for your stupid memes. You think taxes go to into the President's pocket? Have you ever had a government class?

zzyzzx says

So you think it's OK to have taxpayers subsidize a college education so that we can have more college grads as waiters and cashiers?

Nope, I think it's OK to have taxpayers subsidize education so the best and brightest can go to college, create high paying jobs, and increase productivity in the US.

thunderlips11 says

What's wrong with a $2 cap? Making $1.95 for 5 seconds worth of electricity and combined other expenses isn't enough free money?

More like if the person is dumb enough to use an ATM that charges fees, then charge him (or her) up the wahzoo.

tatupu70 says

You think taxes go to into the President's pocket?

Go ahead and tax at 90%. I can promise you that my parents' best friend and his wife, Ross and Olna Sams, never paid 90% of his income at any time when it was in that bracket in the 50's. Nor will any other person of high income do so.

http://wacohistory.org/items/show/77

P N Dr Lo R says

Go ahead and tax at 90%. I can promise you that my parents' best friend and his wife, Ross and Olna Sams, never paid 90% of his income at any time when it was in that bracket in the 50's. Nor will any other person of high income do so.

Of course not. It's a marginal tax so it would only apply to income over a threshold ($1MM, $5MM, whatever). What's your point?

And another Republican voter has succumbed to the propaganda machine.

If Bernie were to win, it would be a huge symbolic win over oligarch establishment who under the stewardship of ronald reagan decided to decimate the middle class via union attacks. That could finally signal that Raegan's reign is severely weakening as the population has started to reject it in large numbers and the outsourcing/offshoring CEOs would be put on notice.