Market will regulate fees

The market, not politicians, decides what's excessive

Sara Riley (May 26 letter) takes issue with Steven Gendreau (May 21 letter) regarding Sen. Tom Harkin's efforts to limit ATM transaction fees to 50 cents. Gendreau wrote that this proposal would unfairly compromise the competitive position for independent ATM operators such as himself, with rippling economic effect. Riley claims it would protect consumers from “excessive profits.” I disagree with Riley.

We're in an economic mess now mainly because of politically motivated tampering with the free market. I don't like ATM fees and avoid them. That's my decision as a consumer. Gendreau is able to bring a win-win solution that reflects workings of the free market and doesn't deserve interference from politicians with no knowledge of his model or competitive challenges. It's not for them to decide what is “excessive.” That's the market's job.

Dale Fitzgibbons

Cedar Rapids