As the tide flows out, we begin to see that some of the emperor's closest associates have no clothes....

http://www.bloomberg.com/news/2012-07-23....

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Quote:

Bank of America Corp., the lender targeting $8 billion in expense cuts, reduced its automated teller network almost 9 percent this year by yanking most of the devices deployed at U.S. gas stations and malls.
The bank’s total number of ATMs fell by 1,536 in the first half, a record decline, leaving it with 16,220 as of June 30, the Charlotte, North Carolina-based firm said last week. Bank of America didn’t renew deals to place its machines at sites owned by Simon Property Group Inc. (SPG), the biggest U.S. shopping mall owner, and gas station operator Valero Energy Corp. (VLO), said Anne Pace, a spokeswoman for the bank.

IMHO, I'm betting this bank is one of the ones that won't survive the next run on it....

I am not sure much can be read into this. Could be that the cost of buying "placement" was considered too high and nothing more. OTOH it could mean that consumers don't have any cash to extract...

Normally, banks do not charge a fee for using their own ATMs.
But there is a fee for using someone else's.
Seems like there is no reason to have your own, outside of actual bank branches.

You want ATMs if you want to attract customers. BAC doesn't want customers.

I haven't touched a TBTF bank ATM since TARP even though my bank refunds me any fee from using a machine.

No way I'll be party to them even getting $2-3

Maybe BAC doesn't have enough cash to put in them.

3 bucks to get cash in Manhattan....screw them...of course, the sheep don't realize that every time they pull 100 bucks, their paying 3% off the top to get their money....after all, its only $3

Less people using cash?
More using debit cards?
More using credit cards?
Dwolla?

Bullionaire: $3 to get cash from a BAC branch if you are a BAC customer? Really?

Never have I used an ATM, nor a debit card. Dad taught me well. Keep some cash in your pocket.

Go to a casino here in Vegas and use the ATM and it'll cost you $3.50 plus whatever your bank charges (mine charges $2.00). Take out a $20 and you just got charged over 25%...and that's before you even start gambling.

Damn! I have never paid ATM fees to anybody except when outside the US. Why would people willingly get bent over like that?

I ask myself the same question everyday, Ram. The only thing I can think of is that people in general have a deep-down desire to be violated. I don't know why that is.

USAA refunds atm fees.

So does Fidelity (No local branches for me). But I still won't give BAC the satisfaction of getting $2-3 from me every time I use an ATM.

I'm off to move all my Fidelity assets to a local CU shortly, but I'm doing nothing to feed the BAC beast.

I gave up ATMs 4 years ago when it became very clear it was nothing but banks charging you for access to your own money.

I don't pay ATM fees with my out-of-state CU as long as I use the in-network ATMs around town.

Someone pays for that ATM though.

Even if you only bank old-school with a physical person, it has lights, people, taxes, rent, A/C, etc. Someone pays all that.

Ghopper wrote..

Normally, banks do not charge a fee for using their own ATMs.
But there is a fee for using someone else's.
Seems like there is no reason to have your own, outside of actual bank branches.

Actually, BofA *DOES* charge its own customers a fee for using any ATM if the ATM is not physically attached to one of BofA's bank branches.

That was the straw that broke the camel's back and made me close my account with those ****ers, just after they took over SeaWorst (SeaFirst) bank.