Byron Dorgan: “I rise to discuss briefly my thoughts about the automated teller machine (ATM) fee ban amendment offered today by…”

“I rise to discuss briefly my thoughts about the automated teller machine (ATM) fee ban amendment offered today by Senator D'Amato to the bankruptcy reform bill. I share the concerns that Senator D'Amato and others have about the rapid, and seemingly unchecked, increases in ATM fees across this country over the past few years. There is compelling evidence that some banks are charging exorbitant ATM charges that impose an unnecessary and unfair financial burden on bank customers. For many consumers, this happens every time they use an ATM that's not owned by their bank. And there appears to be no end in sight to this explosion in ATM fees. I do applaud the work of Senator D'Amato and others for bringing attention to this growing problem. But regrettably, I was forced to vote against Senator D'Amato's amendment, as drafted, because it failed to recognize that many of our rural communities have significantly higher costs for providing many kinds of services. I'm afraid that adopting Senator D'Amato's approach may actually be harmful for people living in these higher-cost areas. In my judgment, this amendment might have forced some of our banks to shut down existing ATMs in more sparsely populated areas in our state or made it too costly for them to install new ones in places where they are needed. Let me be clear on this point. I would have liked to support a proposal to stop those ATM owners who are charging excessive and, in some cases, outrageous fees.”