[Bring_Back_Shantz]

Originally Posted by ken0042

I was basing it on getting $60 today from a compeditor ATM, as opposed to tomorrow from my own bank. So the 6.7% interest for a 1 day loan works out to 2400% per anum.

Yes, perhaps a bit of a reach. But there are laws in place that state that if I lend a friend money, I cannot charge him 6.7% interest for a 1 day loan. Yes this is a "service charge", however it is still way too much in my mind.

Okay, great but I could walk 15 mintues to the bank down the street and use their machine, so that works out to 340000% interest.

I'm gald you acknoweldge that it's a service charge, but looking at it as interest is just goofy, and comparing it to interest laws is just goofy as well.

Not it's a little unclear if this is to eliminate banks/ATM companies from charging their own customers of if it'll do away with ALL ATM fees. If you do away with all ATM fees (especially those little fastcash ones in every convenience store) then say goodbye to easy access to your cash, because there won't be any incentive for banks or indipendant ATM companies to build them.