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February 04, 2009 – Comments (20) | RELATED TICKERS: JPM , BAC

 

OK, so at lunch today I walked past the ATM in my building.  This Chase machine is an absolute rip-off.  It charges $3 for withdrawals.  I always avoid going to it at all costs, even if it means walking across the street to go to the BofA machine.

Someone had accidentally left their receipt there.  Out of curiosity I picked up.  This moron took out $20!  He or she paid a $3 charge to withdraw $20.  That's a 15% take for the bank. 

When I saw this, I quickly thought to myself man what an idiot...but then I felt slightly bad thinking that this person might not have a lot of money in the bank.  So I scrolled down to the bottom of the receipt.  The remaining balance in the account was...wait for it...over $33,000.

Good grief.  No wonder America is in the shape that it's in right now.  What Geitner and friends need to do to get banks out of the mess that they're in is skim some DNA off of this receipt and use it to clone this idiot.  With people like this donating 15% a pop to banks their balance sheets will be in tip top shape in no time.

Deej

20 Comments – Post Your Own

#1) On February 04, 2009 at 2:35 PM, kdakota630 (29.50) wrote:

On the plus side, at least he's one of the few "savers" out there. 

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#2) On February 04, 2009 at 2:40 PM, OleDrippy (34.85) wrote:

His bank could also refund ATM fees. Mine does, which is awesome.

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#3) On February 04, 2009 at 2:41 PM, kali77 (99.55) wrote:

Either that or he makes $300,000 + a year and blows most of it :)

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#4) On February 04, 2009 at 2:58 PM, carcassgrinder (36.53) wrote:

oh ya....i talked to a guy yesterday who took a loan from the bank at 8% so he could invest it in a secured credit card that would charge him 12%. 

I was like.....uuuuhhhh....WHAT?!?!?!

.....he told me he was doing this to improve his credit score...HAHHAAhhhaaah....hahaaaa...ehem...hahhahahaahh....excuse me......HAHHAHAAHHAAAA 

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#5) On February 04, 2009 at 3:14 PM, IBDvalueinvestin (99.67) wrote:

I have done the samething once this year, but it was because Dunkin donuts credit machine went down. I couldn't use my debit card so I had to run to a bank atm next door. Including the $2.50 bank fee my coffee cost me $4.52

How about that,

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#6) On February 04, 2009 at 3:18 PM, nthought (< 20) wrote:

Let's come up with more economic models that assume rational behavior.   

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#7) On February 04, 2009 at 3:21 PM, ByrneShill (76.72) wrote:

You'd be surprised how many people do that. Some ATMs charge up to 4.50$ to withdraw money, with a cap of 100$. The average withdraw on these is around 22$, so it means almost everyone withdraws only 20$ at a time.

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#8) On February 04, 2009 at 3:26 PM, XMFSinchiruna (27.74) wrote:

Great post, deej.

Personally, I also got a kick out of the advertising logo on the ATMs in your picture. The way I read it, it's telling you those machines allow you to chase your money... without any guarantee you'll actually find it. :)

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#9) On February 04, 2009 at 3:28 PM, TMFKnightly (< 20) wrote:

How appropriate that the ATM says "Chase Your Money"

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#10) On February 04, 2009 at 3:28 PM, socialconscious wrote:

He saw $3 as $3.Unfortunately he will also be the guy owing 5 payday loans eventually for his waste.The average person usually does not have  financial savvy but does know who won on " Amercian Idol" or who is left on " Survivor". Personal finance should be taught on the grade school level. 

carcassgrinder  I almost fell off my desk laughing my azz off. I should be ashamed but am not.

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#11) On February 04, 2009 at 4:02 PM, madcowmonkey (< 20) wrote:

TMFKnightly- After seeing the picture, I figured that was what the post was about. How fitting is that line.

Funny post btw. I would be curious what the $20 was for and why in the heck anybody would leave 33k in a bank account with Chase?

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#12) On February 04, 2009 at 4:24 PM, TMFCrocoStimpy (95.91) wrote:

Let's not forget about the $1.50 - $3.00 that was charged by the home bank as well, for using somebody else's ATM.  So, the actual toll was probably more like $4.50 - $6.00.  Citibank pulls this crap all the time.....

Another example of this larceny is VISA gift cards.  My son wanted to give a $25 VISA card to a friend, but they wanted a $3.95 "activation fee", which amounts to a 16% surcharge.  Needless to say he tucked some greenbacks into the b-day card instead......

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#13) On February 04, 2009 at 4:46 PM, jgseattle (33.95) wrote:

I worked for BoA in Nevada.  If you want to see a profitable ATM look at the ATMs in casinos.  Their you will be charged by your bank and the bank providing the service.  You cannot imagine how many people took out $20 and would pay $4 or more per transaction.

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#14) On February 04, 2009 at 4:47 PM, carcassgrinder (36.53) wrote:

friends giving friends money for Christmas.....wow...now that's a personal touch!!  They should just trade 20 dollar bills.

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#15) On February 04, 2009 at 5:07 PM, socialconscious wrote:

Yeah the ATM at Bally Atlantic City was $4 and was Phillipine National Bank or something. No chance many would have an account there. Again the problem lends itself to lack of personal finance education at the K-12 school level.

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#16) On February 04, 2009 at 5:11 PM, Option1307 (29.69) wrote:

We're all doomed with people like this running around the steets...

 

socialconscious  Personal finance should be taught on the grade school level. 

Good point. Many of my peers (mid 20's) don't have the slightest clue how to do the simple financial things in life. Balance a checkbook, avoid idiotic mistakes like above, understand their bank statements, etc.

it's really a sad fact of life, these seemingly trivial tasks, can overwheelm most young adults, scary stuff.

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#17) On February 04, 2009 at 11:37 PM, giantSwan (< 20) wrote:

Deej, 

Good post - BUT keep in mind many people (especially those holding more then 30k in a savings account) get bank fees back at the end of the month.  I've never paid for a bank fee and they always appear on my receipts. 

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#18) On February 05, 2009 at 10:16 AM, Mary953 (73.66) wrote:

When my mom started teaching economics, she dropped the section on history of economics out completely.  She replaced it with how to build credit, buy a car, buy a house, rent an apartment, write a resume, fill out a job application, compare features and prices when purchasing, Not get burned on service fees, balance a checkbook, and compare features at places like banks.  When she finished, her kids had a set of skills they could use.  Everyone in the school was required to take Econ 1 to graduate, so everyone learned.

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#19) On February 05, 2009 at 11:30 AM, socialconscious wrote:

MARY your mom was on point as an educator.

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#20) On February 05, 2009 at 12:53 PM, eldemonio (98.89) wrote:

I took Home Economics in school.  I didn't learn how to balance a checkbook or anything like that, but I can make some pretty tasty cookies and can sew together stuffed animal kits like a chinese sweat shop worker.

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