Why Do We Pay Bank Service Charges for Self-Serve?

It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.
Henry Ford

I don’t know about you but bank service charges drive me nuts. They nickel and dime us to death for everything that we do. But, what really infuriates me is when banks have the nerve to charge transaction fees for self-service. ATMs are a perfect example. If you use another financial institution’s ATM you get charged twice; once at the bank machine and again from your own bank. Yet, with so many people doing self-service banking at ATMs, financial institutions are able to reduce the number of tellers in branches. So we’re actually being charged for saving the banks money. Isn't that a concept!

Another pet peeve is the service charge to send money by email. It’s a terrific convenience but again it comes with a fee – typically $1.50 per transaction. Shouldn’t the bank reward us for not coming into the bank and taking up a teller’s time to buy a money order, or using cheques which they would have to process? Instead we're being punished and charged a fee for another self-service act.  

Bank services charges defy logic and they’re nothing more than a cash grab. Although banks may differ slightly in service charges and their amounts, at the end of the day no matter where you bank, you’re going to get screwed.

Heard you went below your minimum balance. So we charged you a fee for not having any money, then charged you another fee for not having any money to pay the fee we charge you for not having any money.

Uber Humor

Make someone smile today.

Geri

Do Service Charges Piss You Off?

About once a year I get a ticket for an expired parking meter and last week I got nabbed. Parking makes the city of Toronto a fortune so I swear we have these parking enforcement creatures lurking on every corner. In any case, I don't dispute that my meter expired so it's my fault. Time to pay the piper, so I read the back of the ticket to see how and where to pay. For some unknown reason you can't just walk into a bank and pay your ticket. They have to make it as inconvenient as possible and add idiotic service charges. 

These are the options:

1. Payment by Touchtone Telephone and an administrative charge may apply (of course it will!)
2. Payment by Mail (do not send cash)
3. Payment in Person and a service charge may apply (of course it will). There are only 4 civic centres in the city where you can make payment
4. Payment Online and an administrative charge may apply (of course it will!)

I don't get it. First of all, let's cut the crap. The administrative charges (AKA service charges) do apply, so what's with the "may" apply crap. Let's have a look at these options and see how stupid this is. The only option where there is no service charge is by mail. When you pay by mail (and you can't send cash), you will more than likely send a cheque. This means that someone has to open the envelope, find the ticket the payment applies to, deposit the cheque in the bank and wait for it to clear. This VERY cumbersome process has no service charge attached to it. But if you pay by phone with a credit card, online with a credit card or in person with a credit card or cash you have to pay a service charge, which by the way is $1.50. I paid online by credit card and they charged me $1.50 which means that I was charged a service charge for "self-service" and they got immediate payment with no touchpoints. Can someone explain this stupidity to me??? And what can we do about it? Nothing; you can't fight city hall.

You know, someone actually complimented me on my driving today. They left a little note on the windscreen. It said "Parking Fine".

Tommy Cooper 

Make someone smile today.

Geri