Harkin's limit on ATM fees is ridiculous

Sen. Tom Harkin: I have to tell you how deeply disappointed I am with your proposed 50-cent limit per automated teller machine withdrawal fees. I'm an Iowan in the ATM business, not a bank, but am a hard-working, tax-paying citizen.

It is an absolutely ridiculous statement that ATM withdraws cost us a mere 36 cents. I have quite a few ATMs and drive more than 1,800 miles per week. I have the costs of gas, a vehicle, the ATMs, the interest for the cash in the ATMs, paper and supplies, office rent, labor, benefits, etc. I also pay my locations between 50 cents and $1.50 per withdrawal as I lease the space at the locations.

Are you going to stop the person who charges $2.29 for a cup of coffee vs. the store that charges 99 cents? Are you going to put a cap on Nike shoes where a merchant that charges more than $200 for a pair of shoes that cost him $65 , but the demand is there so he can charge what he wants?

The biggest difference is my ATMs have a screen that asks the customers if they agree to the charges and, if not, they can hit cancel. Please show common sense and let the American people be responsible for their actions.

Jeff Olson

Ole's Retail Solutions

Guttenberg