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View Diary: New Bank Fee-for-All: Truly Despicable Charges (111 comments)

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  •  high atm fees are oligopoly rents (0+ / 0-)

    when ATM's first appeared banks formed free networks so their customers could use other banks' machines.  But then banks realized that if they grew their own network large enough, they could charge high fees (rent) to other banks' customers for the use of their network.
    The primary purpose of the rents was not to collect fees but to get customers to switch from small banks to the oligopoly banks to avoid atm fees.  And it has worked well, we now have the top ten banks with 60 percent of deposits.

    Why isn't anti-trust law invoked to regulate ATM fees?

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