All ATM/debit cards are
not like. The automatic teller machine
card given out by the local bank may be
usable at just one bank or at many banks;
at a few stores or at many stores. It may
be usable all day and all night or only
during business hours. It may be usable
just in the local area or all over the
county or soon, perhaps, the world. It all
depends on the deals the local bank has
worked out with other banks and the
stores.
Banks have made big
promises for ATMs and have not always
delivered: thus, one Midwestern bank
announced that its "24 Hour Banker
Machines" would be available for less than
eight hours a day!
Originally ATM cards could
be used just to get cash from the machines
of the issuing bank. Now they are becoming
much more commonly accepted.
Recently some banks have
gotten very excited about charging fees
for getting your money out of your account
at their ATMs, particularly if your
account is at another bank. This is very
helpful for bank profits, although not so
helpful for your wallet. Although some
bankers claim that these new, heavy
charges are justified costs of maintaining
the ATM machines, this is the most dubious
claim.
Many in the banking
business think that the new ATM surcharges
are an attempt by the biggest banks to
hurt their smaller competitors by making
it very costly for small banks' customers
to make ATM withdrawals from the biggest
banks' machines. Since the big banks
already get paid for each withdrawal. by
the small banks' customers, it is darn
close to impossible to see any good reason
for the surcharges.
The use of ATM cards is
bad news for you, especially if you don't
like paying huge fees to get your money or
have an account at one of those friendly
little banks the bug guys want to zap.
