Word: bankses
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Dates: during 1990-1999
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So far, more than a dozen communities, from Los Angeles to Miami, have begun to target ATM surcharges. The most threatening to banks is New York City, where city council speaker Peter Vallone plans to unveil a proposal next month that would restrict ATM fees in the nation's financial...
The surcharges are particularly galling to pols and consumer groups because they seem to amount to blatant double dipping. For example, a nondepositor who pays $1.50 for ATM cash often pays his own bank a $1-to-$2 fee for the same transaction. Such fees more than cover the cost...
Bankers justify the charges by noting that most banks provide ATMs free to their own customers and thus must find some other way to recover the cost of deploying the machines. "In San Francisco," says Bank of America spokesman Peter Magnani, "there is no charge 80% of the time when...
BE DOUBLY SURE The Federal Deposit Insurance Corporation insures deposits up to $100,000, but when banks merge, the insurance does not add up with it. Do you have separate accounts totaling more than $100,000 at two merging financial institutions? First, congratulations. Second, remember the combined amount will be...
They're not the only ones. Russia, Ukraine, Egypt, India and Indonesia are, a CIA expert warns, "especially vulnerable due to their poor Y2K preparation." Nigeria recently reported that up to 80% of its computers--and, more important, 69 of its 80 banks--are not Y2K compliant.