According to the Wall Street Journal, Senator Tom Harkin of Iowa has introduced an amendment to the financial reform legislation that would cap fees for ATM withdrawals at $0.50 per transaction.
Banks are currently charging an average of $2.66, so capping the withdrawal fee would remove a huge cash cow from the banking industry. Presumably, banks would make up for this by raising fees in other areas, or perhaps dreaming up new ones.
What do you think? Capping ATM fees… Good or bad idea?