Lawmaker Fights Against Crazy A-T-M Ripoff Rules

A New Jersey lawmaker is vowing to protect consumers against repeated and unfair automated teller machine fees.

Assemblywoman Grace Spencer is sponsoring a measure that would require all businesses that operate ATM's to allow customers to take out up to 200 dollars per transaction.

She says she realized something had to be done after finding out some ATM's currently have a 20 dollar withdrawal limit - with two separate transaction charges tacked on.

"It was 2 dollars 50 cents from my bank then 2-50 from the machine" she says, "so a total of 5 dollars per transaction - so to get 100 dollars would be 5 transactions, and it would cost me 25 dollars!"

Spencer says "we're in tough times, OK? And people are trying to stretch every dollar…what's happening when people go to get the money out, is they're being charged astronomical rates - they are being charged fees that are excessive…it's one thing to be charged a reasonable fee to utilize the machine…but this is a little outrageous!"

The legislation has been passed by the Assembly, and now heads to the Upper House for consideration.

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