02-10-2023, 03:42 PM
Its a private service that no one is compelled to use, i.e. if you don't like the fee then don't use their service. Note that these are non-bank ATMs, so they're not an ancillary service that can be funded from fees received on other banking services; if these service providers don't charge fees for withdrawing money, they have no income at all.
As to whether or not $7.50 per transaction is "too much", that is a matter of opinion, however their response suggests even they though it a bit much. Having said that, as the Massey University "banking expert" said, they're unlikely to be making huge profits, as even at $7.50 per transaction, they need a lot of transactions to cover the cost of supplying and maintaining the machines. But it is really no different to my local dairy charging $6.80 for a 2L bottle of milk that I can get cheaper elsewhere: they're simply hoping that customers will accept their high price for the sake of convenience.
As to whether or not $7.50 per transaction is "too much", that is a matter of opinion, however their response suggests even they though it a bit much. Having said that, as the Massey University "banking expert" said, they're unlikely to be making huge profits, as even at $7.50 per transaction, they need a lot of transactions to cover the cost of supplying and maintaining the machines. But it is really no different to my local dairy charging $6.80 for a 2L bottle of milk that I can get cheaper elsewhere: they're simply hoping that customers will accept their high price for the sake of convenience.