[QUOTE=LoveItHere69;2956076]Since it is free you have guys that abuse it taking $10 out everyday for a month instead of $300 once a month. [/QUOTE]I have never heard of anyone doing that, and it's silly and I doubt it's a widespread problem.
Printable View
[QUOTE=LoveItHere69;2956076]Since it is free you have guys that abuse it taking $10 out everyday for a month instead of $300 once a month. [/QUOTE]I have never heard of anyone doing that, and it's silly and I doubt it's a widespread problem.
[QUOTE=Huacho;2956097]I have never heard of anyone doing that, and it's silly and I doubt it's a widespread problem.[/QUOTE]Exactlly, as a ATM user my complete is the local limits on the amount of currency you can pull out or the ATM each time.
Very first bank account I got in my life I received a ATM card. They were paying me per transaction to use the ATM. The reimbursement is not a loss for the companies that do it. Remember the ATM operator gets their fee. The company reimbursing their clients do not have to maintain a ATM network. It is a WIN / WIN / WIN and you can bet as many COP as you would like that very smart people within these companies have run the numbers and have made the decision based on what they saw.
Please don't believe the hype. Think like a capitalist, not a wage slave.
[QUOTE=MrEnternational;2952591]Use the Indrive app. It should not be more than 10,000 pesos. It only cost me 12,000 to go to Laguito from the airport. But cars in Colombia are small, so it may be better to get 2 cars for 4 people with luggage.
Why not use the ATM? Don't think I have ever exchanged money in Colombia in the last 20 years when there have been perfectly good ATMs around (besides BanColombia-don't use that one![/QUOTE]I downloaded the Indrive app as suggested. It will be a bit unique to offer a fee to go somewhere, but it's an adventure.
My friend is a bit old fashioned and takes cash everywhere. He may not even have an ATM card, seriously. Based on your information though, it looks as if US credit cards are accepted in Colombia. That's good news for dining options.
[QUOTE=Huacho;2956097]I have never heard of anyone doing that, and it's silly and I doubt it's a widespread problem.[/QUOTE]It was an exaggeration. Basically people making lots of tiny dollar amount of withdrawals. That is hard to believe? Try this. Think in reverse. Someone making lots of tiny purchases with their credit card. Retail companies got tired of that so now there are minimum purchase amounts because the credit card fees were killing any profit. Many banks charge for checks now. Many banks have a maximum amount of checks you can write per month now.
If a ton of guys keep opening accounts to get free ATM usage but deposit little money or do not put money in the brokerage accounts, Schwab will most likely drop the free ATM. That is common sense. Nothing free lasts forever.
With all the super stupid things you have read, heard, and seen in your life (especially lately), how can doubt anything?
[QUOTE=LoveItHere69;2956250]Retail companies got tired of that so now there are minimum purchase amounts because the credit card fees were killing any profit. Many banks charge for checks now. Many banks have a maximum amount of checks you can write per month now.[/QUOTE]I use my credit card at the Dollar Tree for $1. 25 plus tax all the time before I go to the gym. No minimums. I think those are against the credit card companies' policies. Saw them a few times at Indian owned stores in Reno and Las Vegas. Been in this city two years, use the card for small amounts all the time. On the checking limits, that's required by law for "money market accounts" and some other types.
However, I did notice that E-Trade now has some requirements to get the rebates. You could get it a few ways, by keeping a minimum cash balance, by having minimum total assets, by having direct deposit, maybe some other stuff.
[QUOTE=SubCmdr;2956216]The reimbursement is not a loss for the companies that do it. Remember the ATM operator gets their fee. The company reimbursing their clients do not have to maintain a ATM network. It is a WIN / WIN / WIN [/QUOTE]Please explain how a company that issues the card is making money from an ATM withdrawal, and how much they make from each withdrawal. Ten years ago, almost all the ATM's in Colombia were fee free. Now, I think all of them have a fee. Is that because the banks got greedy? If your answer is that the banks have to maintain the ATM's, well, they also had to maintain them when they were fee free.
[QUOTE=WanderingMan;2956239]I downloaded the Indrive app as suggested. It will be a bit unique to offer a fee to go somewhere, but it's an adventure.[/QUOTE]Download the Uber and DiDi apps. Look at them for what they charge for your trip. Then offer InDriver something less than that.
[QUOTE=FunLuvr;2956393]Please explain how a company that issues the card is making money from an ATM withdrawal, and how much they make from each withdrawal. Ten years ago, almost all the ATM's in Colombia were fee free. Now, I think all of them have a fee. Is that because the banks got greedy? If your answer is that the banks have to maintain the ATM's, well, they also had to maintain them when they were fee free.[/QUOTE]You look at it in a very narrow way. I know they make money from me and the cash I have sitting in there can easily support 10 or even 100 others so for me I am losing money vs if I try to manage it better.
The Colombian banks have figured it out. Once they found out they don't lose business by charging a fee. They raise it. They pattern fits.
[QUOTE=Nounce;2956407]You look at it in a very narrow way. I know they make money from me and the cash I have sitting in there can easily support 10 or even 100 others so for me I am losing money vs if I try to manage it better.
The Colombian banks have figured it out. Once they found out they don't lose business by charging a fee. They raise it. They pattern fits.[/QUOTE]Fidelity and Schwab not making money on the ATM withdrawal itself, but as others have mentioned they make money off of their brokerage fees and the spread. Between buy and sell prices for securities that people purchase through their brokerage accounts.
As for traditional banks like Wells Fargo and Bank of America (who are also card issuers) they actually do make money on ATM withdrawals especially out of network or foreign ATM withdrawals. I know for a fact that wells fargo charges a set $5 usd fee per foreign withdrawal to its cardholders who make ATM withdrawals. This is on top of any fees the ATM itself charges. They also have been known to charge a 3% foreign conversion rate fee as well. So traditional banks definitely make money from ATM withdrawals as a card issuer.
Cash management / brokerage accounts such as Fidelity are not making anything off the ATM withdrawal but they are hoping you hold your securities portfolio with them and then they will make money off of your trades. They offer the ATM fee reimbursements as a perk.
I've been off in Thailand Philippines and soon to be in Indonesia and I've already been reimbursed $550 usd in ATM fees from Fidelity. And no I don't withdraw $10 at a time it's usually between $100-200 usd worth of local currency I withdraw at a time. I don't like doing the maximum as I don't feel comfortable with that much cash all at once and also I have had problems in Colombia where an ATM charged me for a withdrawal but never gave me my cash, so that is the main reason I don't do maximum.
-Gabacho.
[QUOTE]Please explain how a company that issues the card is making money from an ATM withdrawal[/QUOTE]There is a concept that wage slaves do not understand that business owners are very familiar with. The concept is [B]Opportunity Costs[/B].
The bank that issues the card, they are paying the paying the reimbursement to their customer that is using a ATM network being maintaining by someone else. Period. Full Stop! They pay this fee in order so they do not have to maintain a ATM network of their own. These are the [B]Opportunity Costs[/B] that the issuing bank does not have to incur. Read my post previous to this one and others. The issuing bank has made a business decision to make the reimbursements. There are very smart people running the numbers. And over the last 32 years, Charles Schwab has reimbursed my ATM fees worldwide that I have incurred for my account. I have no reason whatsoever to believe that policy will change. Even if it is unprofitable it may be considered by them to be a loss leader in order to draw in more business.
Individuals need to learn the purpose of banks. Banks are not there to make individuals happy. They are there to facilitate transactions. Each transaction you make using said bank is a opportunity for them to charge a fee. They do this because they are [B]Businesses[/B]. Businesses need to earn a profit in order to stay in business. For the individual the ATM fee is the cost of doing transactions that benefit your personal financial situation. If a ATM fee has not value to you then you need find a way to minimize them or eliminate them.
Personally, I do not see the point of complaining about the price of something in a free market system. If the ATM fees are going to make or break someone then maybe that person should put in more work in their country of origin in order to earn the money you need, before you step onto the plane to become a [B]International Trick[/B]!
[B]The Defense Rests[/B]!
[QUOTE=SubCmdr;2956846]. And over the last 32 years, Charles Schwab has reimbursed my ATM fees worldwide that I have incurred for my account. I have no reason whatsoever to believe that policy will change. Even if it is unprofitable it may be considered by them to be a loss leader in order to draw in more business.[/QUOTE]In your previous post, you said "The reimbursement is not a loss for the companies that do it." You now say it may be unprofitable. I realize "unprofitable" and "loss" are not synonymous, but it's very difficult to maintain zero sum total with expenses that vary.
Last year, Schwab's bank deposit account balances decreased by 23% while the number of bank accounts increased by 7%. Those "smart people" who are seeing this may see some red flags.
I've never said Schwab will eliminate the reimbursements. I said I wonder, with increased expenses, how long it will be until they change the reimbursements.
[QUOTE=FunLuvr;2956941]I've never said Schwab will eliminate the reimbursements. [/QUOTE]It's really tough to deny things you've written and published. This is you on Oct. 25: "I wonder how long it will be until those card issuers stop reimbursing" Don't you just hate it when people go back and directly and unequivocally prove you're lying?
[QUOTE=FunLuvr;2956941]In your previous post, you said "The reimbursement is not a loss for the companies that do it." You now say it may be unprofitable. I realize "unprofitable" and "loss" are not synonymous, but it's very difficult to maintain zero sum total with expenses that vary.
Last year, Schwab's bank deposit account balances decreased by 23% while the number of bank accounts increased by 7%. Those "smart people" who are seeing this may see some red flags.
I've never said Schwab will eliminate the reimbursements. I said I wonder, with increased expenses, how long it will be until they change the reimbursements.[/QUOTE]Hard to say but for reference, Fidelity does the same thing.
[QUOTE=Huacho;2956955]It's really tough to deny things you've written and published. This is you on Oct. 25: "I wonder how long it will be until those card issuers stop reimbursing" Don't you just hate it when people go back and directly and unequivocally prove you're lying?[/QUOTE]Shrinkflation. Remember the size of a large pizza when you were a kid compared to today? I had my first Big Mac in many years and looked at the beef patty. It was so thin they must be using glue or used a hydraulic press to keep it together. The banks can not do the things that the food industry does. But nothing free lasts forever. That is common sense which very few possess nowadays. The free ATM cards will end in time. They will most likely start with limiting the number of withdrawals you can make per month and go from there.
[QUOTE=Huacho;2956955]It's really tough to deny things you've written and published. This is you on Oct. 25: "I wonder how long it will be until those card issuers stop reimbursing" Don't you just hate it when people go back and directly and unequivocally prove you're lying?[/QUOTE]You are the one lying. When I say I wonder about something happening does not say it will happen. Please learn to comprehend English before posting.