Fat Fingers = ATM Fees

Posted on 08. Apr, 2006 by in Saving & Investing

fatfingers.gifBanks have hit a new low.

The Australian Consumers Association is reporting that banks are now charging fees for cancelled transactions and incorrectly entered PINs. And here’s the kicker – most consumers do not know the charges exist! At the end of the month their account is simply charged from 60 cents to $2 for entering a PIN incorrectly, choosing the wrong account type, not having sufficient funds or aborting the transaction before completion.

This means that if you happen to punch in 1235 instead of 1234 you’ll be charged $2 for your mistake. Is it just me or does that seem sleazier than even a used car dealer?

4 Responses to “Fat Fingers = ATM Fees”

  1. Dee

    08. Apr, 2006

    You’ve got to be kidding me. What is their justification? Maybe the Australian laws are different, but I thought there was some kind of fee discloure that the banks were required to provide to customers.

  2. Ben

    08. Apr, 2006

    Haha, that’s totally weak! I’ve entered my PIN incorrectly many times, and the standard ATM usage fee is enough to be angry about, let alone these “mistake charges.” Ah well, so it goes.

  3. Lindsay

    08. Apr, 2006

    I know of a payday loan place that does that as well with their cash cards; if you try to take out money and you enter your PIN wrong, or if you enter an incorrect amount for your withdrawal, you are charges $1.50. Pretty bad! Yet another reason to stay way from those jerks. 😉

  4. Mike W.

    12. Apr, 2006

    It seems like it would be pretty easy to challenge a fee for fat-fingering your PIN:

    “It’s wasn’t me.”

    How could they prove it was you unless you had correctly entered your PIN? Of course, if you fat-finger it once, that means you’d have to eject and try again.

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