Charges made on ATM bank transactions unfair

Fri Jul 18, 2014

Editor: I write in support of a letter written by Luke Browne and published in the Searchlight of Friday, July 11. Before his publication I was about to publish an article on the same issue. However I am thankful that Mr Browne was the one who did it for he was able to be more detailed, based on more knowledge.{{more}}

I would like to strengthen the case by adding that charges are made for withdrawal using the ATM machine. So either way, whether it is done at the teller or at the ATM a customer is charged for withdrawing his own money. Withdrawing from the ATM is cheaper than at the teller. It is also important to note that there is a monthly charge if a person’s account falls below one thousand, five hundred dollars ($1500) the minimum at the banks mentioned by Mr Browne. While in most cases, a person receives 2 or 3 per cent interest on his/her account quarterly.

So while a person is penalized for falling below the required amount in his/her account monthly, that same person has to wait for three months to be given a small interest. There are some folks who use the ATM frequently as many as two or three times per week, since they don’t like to carry around plenty cash and some persons budget on a daily basis to avoid unnecessary spending. Thus they would use the ATM frequently. So with these charges coming on stream, it means that those persons to avoid losing monies through charges would then have to take a larger amount to money so as to avoid going to the teller or the ATM often.

I hope that Mr Browne’s letter will be taken seriously and some adjustments made by these banks that seem bent on ripping off the customers while giving in some cases poor customer service. For if nothing is done speedily, then maybe we would see many persons withdrawing their monies from these foreign banks. Should this happen it would be such a shame. For many of us have had good relationships with some of these banks. But if nothing is done then as customers in these hard economic times we would have to resort to another way of saving.

For I am certain if one should take a record of the amount of money withdrawn from his/her account for charges he/she would realize that a great deal of his/her money is taken out from the bank, while little is given back by the bank in terms of interest on savings.

Thanks Mr Luke Browne for taking that bold step even though you are a politician.

Kennard King