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Is it typical for an internist to charge a retention fee?

Why do some banks charge you a fee to view your account balance at an ATM?

  • I used to use M&T; and when I first used one of their ATM's, there was an option for something called a "mini-statement." Curiously, I selected it expecting to see a list of some of the checks I cut and transactions done since I was just starting college. It turned out that I was charge a fee for that; although I was able to view my account balance. I never understood why. I later changed banks. I eventually got a part-time job at the mall. Unfortunately, the company paid us either through direct deposit (which wasn't going to be set up for me for a few weeks) or via these ATM cards from the Visions Federal Credit Union. I went to one of their ATM's, checked my balance (which they charged a fee for), and then tried to withdraw the full amount. Unfortunately, because I was charged a fee to see my balance (which was before the balance was less the account balance viewing fee), my balance had changed; and the withdrawal attempt failed, which charged me a "Declined" fee.

  • Answer:

    Short form: Because they CAN. It is an 'open secret' that the single largest source of income for banks is fees. The ATM should have notified you of the fee and given you a chance to cancel the statement before you were charged. Even if it did not, I guarantee the fee schedule you were given when you opened the account and/or an update you received with one of your statements DID spell out the fee.

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Because there are suckers who will pay it. I'm surprised if they didn't let you know upfront though. I'm glad you changed banks.

Wheels of Gold

Because they can get away with it. Before dealing with any bank, check out all their rules carefully. In your case, go to the credit union and complain; they are playing dirty pool. Tell them that they will either refund the fees, or you will deal with another institution as soon as your direct deposit is set up. This can work; I have done it.

rhsaunders

Wow! What a get over these banking institutions have become. I really don't appreciate the fact that so many banks with ATM's charge for withdrawal of my own money. Back in the day the charge used to be 25 cents, now it can be as much as $3.00. That's just a total rip off as far as I'm concerned. They limit the number of tellers at any given bank so that if you go inside to withdrawal funds the wait is ridiculous. That business of getting paid with an ATM card isn't so great either. You can never know for certain if they might have messed up on your pay unless you check the balance and then you get charged for doing that.You can't beat the system and it seems that we can't win for losing!

sustasue

PURE GREED!

El Camino

Because banks like to advertise "Free this, free that", and have to come up with sneaky ways to charge you and tell you that you should have read the fine print. Banks will sometimes refund one fee so I suggest calling them and asking them to reverse the Declined fee. It's weird that your job won't cut you a check.

Kyle B

It costs a lot of money to be poor. I always have more than the max I could withdraw from my account in there, so I never have to pay these fees. I also take enough out at one time that I dont visit ATMs that often - also I use credit cards for most purchases. Most banks provide a printout of the balance even without the mini-statement thing, so that's a pure waste of money. Plus, with online banking, there's almost no excuse for this mini-statement BS. On the part of the consumer I mean - the banks are free to offer this perfectly legal service and let suckers and/or the poor and/or the rich (those who don't care about the few dollars of fees at all) fall for it. Marie says, 'Maybe they're out to make money?' No s***! There's a for-profit bank - that's exactly what they're out to do, same as the car dealership, your doctor, and McDonald's.

heart_and_troll

Banks don't want you tying up the network with just balance inquiries. Use their online site for that. It is free. *

Barkley Hound

I know. That happens to me all the time, it's crazy. Maybe they are just out to make money...

Marie

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