Could A.T.M.s Fund Public Services?
At the same time we complain about the cost of funding public services, Canadians happily give banks hundreds of millions in A.T.M. fees each year.
It costs banks about $.36 per transaction to maintain automatic teller machines.
Most banks charge between $2.00 and $4.00 per A.T.M. transaction.
That’s anywhere from $1.69 to $3.64 per A.T.M. transaction that Canadians give to an industry that makes 19 billion dollars in profit per year.
Might there not be a better use for A.T.M. fee proceeds?
What if we set all A.T.M. fees at $2.00, gave the bank $ 1.00 and assigned $1.00 to fund public services? (Education, health or transit) That’s $420 million per year to start, more if we raised A.T.M. fees or lowered the bank’s cut.
I know, your bank and B.C. credit union A.T.M.s charge nothing, and yes, there are jurisdictional concerns – the federal government is in charge of banks.
And I know, banks would offer fewer A.T.M.s. After all, under this scheme, they would only net $.64 per transaction.
But beyond nit picking the numbers and logistics, the proceeds from A.T.M. fees are only one glaring example of money we willingly give away to private business that could be used to fund necessary public services.
Of course this plan won’t happen – we’d never be willing to wrestle a nickel from any wealthy entity, let alone a bank, just to support public spending.
Still, it’s undeniable and disturbing that we will simultaneously open our wallets to donate money to banks, and our mouths to scream about the funding of public services.
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“Spot on,” my friend!
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Only one comment? Yikes!
I had a similar thought in the run-up to last year’s election… that banks could be great collection services for government coffers. (They’d probably want a fee for services, of course — though the government could come back with a bank tax as leverage.)
For one, it MIGHT be a way of accessing $ from people who avoid being taxed through traditional sources: the people who work under-the-table or the wealthy who are so lawyered-up that they pay lower tax rates than the common worker. Tourists as well, could help us out.
Every bank transaction out of an account could get a corresponding “ding” of a nickel for small purchases — or a fraction of a percent for large transactions. You sometimes hear of bank workers who extort windfalls by taking a penny here and a penny there. It adds up.
The Nickel-and-Diming Party could have this on their platform. (Just thought of that one. Having a bit of fun!)
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