B of A, Wells Fargo, ATMs

Daniel Bobke dbobke at HOME.COM
Thu Nov 11 16:58:36 MST 1999

There are two cities here in the land of Fruits and Nuts that have decided
to pass these laws - the People's Republic of Santa Monica and the Commune
of San Francisco.  More power to B of A and Wells Fargo.  They made the
investment in the machines to provide a convenience to their customers (and
subsequently to other bank's customers through networks) and they have the
right to charge WHATEVER they want for that convenience.  We as consumers
have the right to switch banks whenever we want.  This will backfire quickly
and will actually work in B of A's and Wells Fargo's favor - people will
likely switch to their banks for the convenience of the ATMs!

Dan Bobke

----- Original Message -----
From: Jim Nantz <jnantz at STUDENT.GC.MARICOPA.EDU>
To: <RUSHTALK at hermes.csd.net>
Sent: Thursday, November 11, 1999 12:08 PM
Subject: B of A, Wells Fargo, ATMs

> One of the cities in California has just passed a law banning
> the ATM fees that banks charge customers of other banks who use
> their ATMs.  Wells Fargo and B of A have both said if this law
> goes into effect they will simply block customers of other banks
> from using their ATMs.  This seems to be a case of legislation
> producing the opposite effect of what was intended.  The city
> counil wanted people to have the convenience of using these ATMs
> without having to pay the fees.  The effect of the law will be
> to lock these people out of the machines entirely.
> Rush took a call today from a man who was saying we could
> control these ATM  and other bank fees ourselves without
> government intervention.  He said his bank started charging him
> a new fee on an account he had there.  He called them, they
> refused to drop the fee.  He closed the account and took his
> money to a bank that didn't have the fee.
> I know banks are gobbling each other up, but there are still
> lots of banks out there.  If you don't like one, take your money
> to another one.

More information about the Rushtalk mailing list