I would just like to address the matter of costs, a subject that constituents frequently raise with me. When dealing with financial institutions and making specific transactions, it is not possible to establish a connection between the service provided and the cost of that service. I am no expert, but it seems to me that most of the costs associated with owning an ATM are fixed costs, such as rent and electricity, as well as the purchase of equipment, software and communication lines. I don't see how there could be much variation other than that, whether there are 10 or 10,000 transactions a day, except perhaps in terms of keeping the machines stocked with cash.
First of all, I would like someone to tell me whether I am wrong and my estimate is incorrect. Then, if I am right, I would like an explanation of why people making seven weekly 20 $ withdrawals pay a lot more in transaction fees than people making only one 140 $ withdrawal a week. It seems to me that it is costing the bank basically the same amount. Perhaps Mr. O'Connell would care to answer my question.