Next to banking at Behemoth Bank and Trust, the old mattress looks better all the time. Your editorial calling on Congress to revert to the price control failures of the past to regulate ATM fees ignores the competitive market system at work. The number of ATMs available to consumers has grown dramatically since non-customer fees began being charged. The acceptance of these fees by consumers is a clear indication that convenience is the deciding factor in their choice. Consumers choose to use cell phones, convenience stores and overnight delivery services and pay extra for the convenience of these services.
ATMs are no different.
They give consumers access to their money 24 hours a day, seven days a week at thousands of locations. There is a cost to provide this level of service, and consumers have enjoyed the benefits of this convenience. Consumers are getting cash back from debit card purchases, making larger cash withdrawals and using their own bank s ATMs more often. All these decisions eliminate or minimize fees. Congress regulating or eliminating fees would result in fewer ATMs available for consumers.