How to Throw Money Away

Discussion in 'Markets & Economies' started by JulieW, Mar 22, 2016.

  1. JulieW

    JulieW Well-Known Member Silver Stacker

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    Pet Hate:

    Half a billion!!!
    And look at 2008 and the decline since. This could actually be an indicator.
     
  2. House

    House Well-Known Member Silver Stacker

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    It's not your money when it comes from a different banks ATM. It's a service from a competitor that provides convenience, I have no issue with paying $2 to not walk 20min+ to my own banks ATM.

    And seriously, they're picking on the $2 charge over all the other ridiculous bank fees? :lol:
     
  3. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    +1

    They are offering a service which you can chose to use or not use depending on how you feel about the charge.

    Every time I go shopping I get asked if I want to take some cash out as well, I always say no to this as I am sure I read somewhere that if you use your credit card to take cash out you get charged interest immediately at 17% or whatever.
     
  4. Killface

    Killface Well-Known Member Silver Stacker

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    ^^ But Coles, Big W etc do offer free withdrawals from savings accounts, even without a purchase.

    Or at least they did last time I needed cash, but who uses that filthy terrorist money any more?
     
  5. Currawong

    Currawong Member Silver Stacker

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    Yep, Coles and Woolworths both allow you to take cash out from your savings account without purchasing anything first. They actually want people to withdraw money with every purchase because then they don't have to pay an armoured car company to pick it up.
    (At least that's what I was told by someone who works at a chain supermarket).
    Like previous posters have said tho, of all the stupid/ripoff fees banks charge ATM ones are both valid and pretty easy to avoid.
     
  6. SilverDJ

    SilverDJ Well-Known Member

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    The armoured car company still has to come deliver the money :rolleyes:
     
  7. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    This is a classic case. It is not about "the cost of doing business" or any kind of "supply and demand" construct....

    ....it is ALL about charging what "the market will bear". Yes, people would rather pay $2 than walk 20 mins to find another ATM, but it is a gouge pure and simple. There is no way that the charge can be justified or explained in any other way than plain old profiteering.
     
  8. SilverDJ

    SilverDJ Well-Known Member

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    A lot of those free standing ATM's you see in shopping centres are privately owned or small business owned or hired out etc.
    http://www.atm2go.com.au/
    http://www.completeatmservices.com.au/
    You can buy your own machine and go into business if you can find a profitable spot.

    It's not a case of the "big banks" price gouging.
     
  9. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    We are trying to get one of the big banks to put an ATM in our hospital campus but they are not interested because there is not enough traffic to make it worth their while so if we want one we will probably have to get a third party ATM. If they could make money from it I am sure they would but it just isn't worth their while to install and maintain one.

    We don't take money out of the hole in the wall more than once a month because we don't want to pay $2 after the first free ATM withdrawal.
     
  10. House

    House Well-Known Member Silver Stacker

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    So charging non-customers to contribute to the maintenance, labor costs, insurance, CCTV, armored truck delivery and other associated costs of a $100k ATM is unjustified?
     
  11. Lunardragon

    Lunardragon Well-Known Member Silver Stacker

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    a security company charges % of the 'count monies' on their collection service. So it is one of the ways to reduce collection fee.
     
  12. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    What a load of sh1te. I see you are trolling me again but I will bite, once only.

    Where are these ATMs? They are at bank branches - where all of these costs are present regardless. ATMs were originally put in banks to reduce workload for tellers, thus reducing staffing requirements. ATMs at banks were a savings initiative.

    Then the ATMs went into locations like pubs, clubs, racecourses, shopping centres. Why? Because these venues wanted customers to have ready cash to spend at THEIR locations. If there is cost there then it would be borne by the location and I think these venues paid for the privilege of having ATMs.

    We must have had a good many years of ATMs all over the country without these charges. Now suddenly they are whacking $2+ charge on each transaction and claim they are covering costs. Please!

    Next you'll be telling me they should be charging for the privilege of withdrawing money directly from the bank. Of course the tellers, labor costs, insurance...blah blah all needs to be paid for right!
     
  13. SilverDJ

    SilverDJ Well-Known Member

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    Fair point.
    But ultimately they have to juggle getting cash in for the change + the cash-outs, plus handling the reserves etc (e.g. into their local overnight safe)
    So it's not like they can run down to zero cash before the next pickup. So I can't see if it's a major reason for offer cash out, there has to be some other compelling reason?
     
  14. House

    House Well-Known Member Silver Stacker

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    Oh lol. If that's your definition of trolling you haven't been internetting enough.

    Incorrect about ATM's only being at branches. Some are, not all. There's hundreds of freestanding bank branded ATM's in all kinds of places that need to be refilled and maintained. If you can make that happen for free let me know.

    If it isn't their bank they're withdrawing from I wouldn't have an issue with them being charged. Go into an ANZ and try withdraw from your Commonwealth account, see what happens. It's not your money there.
     
  15. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    I have been internetting enough to know a troll when I see one.
     
  16. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    Not to mention the mobile ones that turn up at outdoor markets.

    My ANZ account which I set up in 2005 would let me have two free withdrawals from an ANZ ATM per month and after that they charged me. That I felt was gouging as I am an ANZ customer and should be able to get my money whenever I want to.

    When I use an ATM abroad or one that is not owned by ANZ I accept that they are going to charge me as I am not drawing funds from my own account. I am taking money out of their account and they then have to contact ANZ and get the money reimbursed from my account, or however it works. They are doing me a favour, they could be dicks about it and decide that you couldn't get money unless you were a customer of theirs, but they aren't. They just charge for a service, which you don't have to use.
     
  17. Caput Lupinum

    Caput Lupinum Well-Known Member Silver Stacker

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    He's a leprechaun, not a troll
     
  18. House

    House Well-Known Member Silver Stacker

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    Considering it's the first time I've ever been called a troll, I feel a bit special :)
     
  19. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    Only a troll would be proud of being called a troll. :p

    Maybe you weren't self-aware previously.
     
  20. JulieW

    JulieW Well-Known Member Silver Stacker

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    Careful. When trolls become self-aware they send a terminator back to old threads to kill evidence for future arguments.
     

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