Many years ago I was offered an ATM Machine franchise. I had passed on it and I only looked into generalities. But it seems like it was $2-3k for each machine and I would solicit local delis, stores, restaurants, etc to house these machines in exchange for a potion of the ATM fee. Seems like the fee was set at $2 then and I would pass a quarter from each transaction to the business and keep the rest for upkeep, maintenence, profit, etc. It only seemed worthwhile with 10 or more machines.
I avoid ATM fees by making "cash back" purchases at pharmacies and supermarkets.
TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803 EX always was my highest when we could pull all three Always remember: big print giveth, small print taketh away If you dunno what tanstaafl means you must Google it
Yay for USAA. They don't charge you for using another bank's ATM for the first 10 w/d's per month, AND they reimburse your charges by the other banks up to $15 per month.
ATM's are a great way for banks to get money from you, along with massive overdraft charges, now that competition has forced so many of them into offering free checking.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit? FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
A couple years back, if I recall correctly, a few cities in California (San Francisco comes to mind) tried to ban ATM fees. I think it actually was voted on by the people. However, the bans were overturned by the courts because they determined that nobody can be forced into providing a convenience for free.
The biggest thing that bugs me about ATM fees is that I bank with BofA, and if I use an ATM from a different bank they charge me $2. But if someone with another bank uses a BofA ATM, they get charged $1.50! (at least it was last I checked, it may have gone up) Why would they charge their own customers more? If you're going to stick it to someone, make it the strangers. Seriously. Admittedly this isn't a HUGE problem, since BofA ATMs are friggin everywhere. But it's still annoying.