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Legal Theft: How Financial Service Fees Inhibit Capitalism

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Automatic teller machines (ATMs) are very common in today’s society. ATMs are easily accessible and easy to use, but sometimes this service comes with a price. Services cost money to utilize, unfortunately, ATMs are no different. Some people believe, as stated in Alex Nym’s Legal Theft: How Financial Service Fees Inhibit Capitalism, that “It seems incredibly unfair to have to pay money just to access your own money,” (Nym). While this argument many strike well with consumers, merchants may agree with another author, Brenda Eincer. In her work, In-Nickled and Un-Dimed: Financial Health for Individuals and Industry, Brenda Eincer states, regarding ATMs, “These machines are helpful to both consumers and businesses,” (Einser). It is possible that despite the drawbacks of ATM fees for consumers, these fees may be beneficial to businesses. …show more content…

It can be very irritating to have to pay a fee to simply withdraw the paper money form of your own money from an ATM. The author also mentions, “consumers don’t have the time to explore every ATM in an area and find the best deal,” (Nym). Sometimes, consumers may find themselves in a situation where their only option is withdrawing cash via an ATM. For example, there are some towing companies that only accept cash payment on site when they come to tow your car if you happen to break down. If the driver needing a tow does not have enough cash on them they will have to get to an ATM and pay the corresponding ATM fee because they simply have no other option. Not only did the driver’s car breakdown, but they now have to pay the additional fee for using the ATM to access their own money. Although, most banking institutions will not charge members of their own bank an ATM fee, it is not always possible for consumers to get to their bank of membership to avoid paying an ATM

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In the Pankratz Implement Company v. Citizens National Bank case. Rodger House purchased a tractor through and implement dealer. He financed it through them the finance company secures the loan with the tractor being used as collateral. During the process the customer’s name was spelled incorrectly on the financing paperwork. The original dealer gave the security and interest of the note over to another creditor Citizens National Bank.

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Nym states that high ATM fees discourage people from using ATMs and them spending their money which is bad for businesses and consumers. From an

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