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KurtKarj's Comments

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Protecting Consumers From Unfair ATM Fees

Commented May 17, 2010 at 11:07:59 in Business

“I also asked a convenience store owner that charges no surcharge for using his ATM. I thought he would have any opinions on this law but I couldn't have been more wrong: He told me that this law would destroy the value he is creating. He told me that the reason many people come into his store is to use his surcharge free ATM. He went on to explain that if this law passed and now all of his competitors take their ATM fees down to $.50 all of a sudden he really isn't offering that great of a value. When I asked him if he thought that his competitors where over charging their customers with ATM fees, He said of course their were not. He told me if I charge more for certain goods I will sell less of those goods, if I discount these goods, I sell more more of them. An ATM is a service like any other, the more you charge the less the consumer will use it. He went on to say if this law passed the would have to put a surcharge on his ATM. I found this interesting that if the Gov't decided to cap ATM Fees they would get rid of the one free ATM machine in town.”
huffingtonpost entry

Protecting Consumers From Unfair ATM Fees

Commented May 17, 2010 at 11:07:48 in Business

“I am an atm distributor in middle America. I sell/install/repair atm for a verity of different businesses, however most of them being privately owned Convenience Stores and Bars. My average locations has an ATM that does 300 transactions a month. They have an average transaction fee of 2.00. So they are making $600.00 a month from their ATM Machine. They are not big named corporations. These are places like the Red Apple Fun Center. I know the owner of this business and businesses like his. When I asked them how they thought this law would effect them they told me they would have to make up the money some place. He can not afford to take a $600.00 hit to his income. So now he is going to have to charge more to Bowl, Play pool, eat, and Drink to make up for the profit they are not making on their ATM.”