Andre98
09-15-2003, 11:01 AM
Washington Mutual put a bug up the banking industry's ass by starting a "no fee ATM" policy. To me, this is big, a very bold move. That means you won't get hit with that $1.50 or more fee each time you get your money out, even if you have no accounts with Washington Mutual. The experts have no idea if the other banks will follow suit, because:
1. Those fees are a cash cow, a real easy revenue producer, since they hold your dough hostage. It's was like a conspiracy that they all uniformly hold us up. Until now.
2. Washington Mutual branches are growing, but are still not a threatening enough presence to make the rest nervous. They are definitely waiting to see if not following suit will cost them.
The rest of the banks are betting that consumers will not make the effort to seek out the WM ATMs, opting instead for the convenience of whatever is near. Already though, there are reports of long lines at the fee free ATMs, and I think this is one of those rare times when the consumer can actually have an impact if we take the time to find out where these WM branches are and use them. I know it would save me about $15.00 a month. I would really have to plan, because I only know of two spots and neither of them are close by.
1. Those fees are a cash cow, a real easy revenue producer, since they hold your dough hostage. It's was like a conspiracy that they all uniformly hold us up. Until now.
2. Washington Mutual branches are growing, but are still not a threatening enough presence to make the rest nervous. They are definitely waiting to see if not following suit will cost them.
The rest of the banks are betting that consumers will not make the effort to seek out the WM ATMs, opting instead for the convenience of whatever is near. Already though, there are reports of long lines at the fee free ATMs, and I think this is one of those rare times when the consumer can actually have an impact if we take the time to find out where these WM branches are and use them. I know it would save me about $15.00 a month. I would really have to plan, because I only know of two spots and neither of them are close by.