Sanders Rails Against Banks, Promises $2 ATM Fees

Bernie Sanders does not have much love for the banking establishment on Wall Street — a surprise to no one — and in a major speech this week, he began to outline what he would like to see changed.

Top of the list: a $2 ATM fee cap, breaking up the big banks and a pledge that no one from Goldman Sachs will ever work in his administration.

Given that Sanders has accused Wall Street and bankers in general of “destroying the very fabric of our nation,” the move is less than shocking. And, in the post-financial crisis world, the message is getting some traction.

“Greed, fraud, dishonesty and arrogance. These are some of the words that best describe the reality of Wall Street today,” Sanders said.

The solution is smaller banks, and Sanders advocated for the breakup of JPMC, BoA and Wells Fargo so that tax payers never have to bail them out again. That only one of those banks actually needed a bailout (as opposed to being forced to take it by the government so the economy wouldn’t collapse) does not seem to bother Sanders.

The hit on Goldman is a hit on Hillary Clinton, who Sanders says is, on the whole, too friendly with Wall Street. Clinton has responded that Sanders’ plans are unworkable and unrealistic.

As for ATM fees…

“In my view, it is unacceptable that Americans are paying a $4 or $5 fee each time they go to the ATM,” Sanders said.

On that, he and Hillary agree; she has also called ATM fees too high and “usurious.”


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.