ATM fees…Bank profits…do we even pay attention?…by Chuck Duboff

© Chuck Duboff

I recently needed to withdraw some cash.  Within my condo building there is a grocery mart which has an ATM…I went to this machine and was informed by the store manager that it wasn’t in operation.  The withdrawal rate for this machine is $2 per transaction.  Upon further discussion, I learned that this fee goes to the person who rents the space within the store.

Being across the street from a Scotia Bank, I ventured over to withdraw some cash from their Automated Teller Machine.  I inserted my card and was told by the “impersonal” machine that the service fee would be $3.  I did a double take…$3 for what.  For the person who helped me with this transaction?  Ummm, NO!!!  For the cost of the electricity for the 20 second transaction?  Ummm, NO!!!!  If I went during business hours and actually spoke to a human being…there wouldn’t be a withdrawal charge.   Upon further reflection, it also brought to mind the fact that I must pay a $1.25 fee to transfer money in my online bank account to another individual.  That fee would be for????

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I don’t know why people don’t speak up about this?  Why do we have to pay $3 to withdraw our own money?  Why do we have to pay $1.25 when we want to make a transfer?

GREED!!!   GREED!!!!    GREED!!!    Read the following numbers reported by Scotia Bank: (source: the Globe and Mail)

“Bank of Nova Scotia reported that its profit in the fourth quarter rose to $1.8-billion, or $1.45 a share, kicking off the quarterly reporting season for the Big Six Canadian banks with results that demonstrated ongoing growth in spite of a slow Canadian economy.

After making some adjustments, the lender’s operating earnings for the quarter rose to $1.46 a share, up 8 per cent and ahead of the $1.44 that analysts had been expecting. It maintained its quarterly dividend at 70 cents a share.

For the full fiscal 2015, Scotiabank reported profit of $7.2-billion, or $5.67 a share, up 4.4 per cent from last year on an adjusted basis.

“The bank’s earnings growth in 2015 was driven by very good performances in our personal, commercial and wealth businesses, both in Canada and internationally,” Brian Porter, president and chief executive officer, said in a statement.”

The Bank of Nova Scotia made $1.8 billion in just three months and $7.2 billion for 2015.   As CEO and President Brian Porter indicated…”we had very good performances in our personal…businesses.”      

Put that into laymen’s speak…and that $7.2 billion was largely as a result of charging $3 to withdraw my own money from a machine and $1.25 to transfer money to somebody else.

Canada needs a Bernie Sanders to speak up for the little man, to stand up to the greedy Banks and to stop the ridiculous fees which banks charge to individuals.

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2 thoughts on “ATM fees…Bank profits…do we even pay attention?…by Chuck Duboff

  1. People keep complaining about all the bad things in the European Union.
    But they are also ignoring all the positive things that the EU introduced – among them abolishing fees for financial transactions within the Euro countries and zero fees at ATMs.

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  2. If I could keep my money under my mattress I would do it in a heartbeat. I can’t stand dealing with banks, paying their stupid fees. For as often as I go in there to bank in person, it is highway robbery.

    Like

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