Word: atme
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...accused of being the "ATM Bandit" of Cambridge faces a bail hearing in the city's district court this morning...
...just $5 a month, and there was no charge for using the automated teller machines. Then Manufacturers Hanover merged with Chemical Bank in 1992, after which Gordon had to keep at least $3,000 in the bank to avoid being charged each time she used the ATM system. Enough was enough. Earlier this year she took her money to a credit union where, for $2.50 a month, she can write as many checks as she wants -- even draw down her balance to zero. "I probably had $25 taken out every month at Chemical," she recalls, "before I finally said, 'This...
...bankers say they have no choice but to cover the rising costs of services and to make up for anemically low interest rates. "We are the largest branch network in New York state and the largest ATM network," says John Stack, managing director of branch banks at Chemical. "We have a superb offering to customers, which costs money, and we are in a low-interest-rate environment in which deposits are worth less to banks. When you combine those things, we must raise fees...
Automated teller machines have been particularly lucrative. ATMS were once touted as free high-tech conveniences, but a joint study by the Consumer Federation and uspirg found that customers now pay 95 cents on average each time they use a local ATM system and $1.10 for each use of a national network. And because ATMS require neither salaries nor benefits, most of those fees flow straight to the bottom line; another Consumer Federation survey estimated that banks typically reap 78 cents in profit for every $1 they charge to use the machines. Some go so far as to levy...
...issued its "Independence Card" to 170,000 households that received public aid. The cards enable recipients to shop at supermarkets such as Giant and Safeway as well as at 3,500 other stores around the state; families on welfare can also use the cards to withdraw cash from ATM machines and to pay utility bills and rent for public housing. Among other benefits, these cards have virtually eliminated the expense of preparing and distributing welfare checks...