Americans Spend $4.3 Billion to Get Their Own Money

Here's a stat from the December 26, 2005 issue of Business Week that just floored me:

Americans will pay an estimated $4.3 billion to withdraw cash from ATMs this year as fees hit an all-time high.

The chart also says that the average fee per transaction for those not holding an account with the ATM bank is $1.54 (up 12.4% from 2004).

I just can't believe it!!! People are paying this just to get their own money. How ridiculous.

I wrote about this earlier in Even a Small Leak Can Empty Your Money Bucket Quickly but I just saw the Business Week piece and had to comment on it again. This practice is simply throwing money out the window. Don't do it!!!!!

Comments

[Big Cajun Man]

Since Blogspot doesn't support trackback (yes, I know, get a better Blog site), I have linked to you on this one and have added my own little rant to it. WOW!

--C8j

[Bob Bilson]

I haven't paid an ATM fee in years.

Whenever I am in the drug store or supermarket and make a purchase with my ATM card, I just get extra cash at NO COST!

[FMF]

Me too. It seems like a no-brainer! What a pile of wasted money!

[Kurt]

What's the difference between paying a few bucks in an ATM and spending half an hour going to a fee-free ATM? The hassel is worth it to me. Don't look down your nose at everyone.

[FMF]

1. How about planning ahead and not paying anything?

2. It doesn't matter to me if you want to spend $4.3 billion on nothing -- it just seems like a bad idea and I certainly wouldn't do it.

[Tim]

Who cares about this? It's a couple dollars once or twice a month. "Paying to get your own money" is one way of putting it, however, how about "Only charging you $1 to have instant access to your FDIC insured cash at almost anywhere in the US via thousands of little computers." I'd say it's a fair deal. And even if it's not, we're talking $100 a year max here. I'll gladly pay that much to not have to stress about finding my bank's ATM every time I need cash.

Love the blog, btw.