Attempt To Cap ATM Fees At 50 Cents Blocked In Senate

Ryan Grim Ryan Grim – Wed May 19, 12:01 am ET

Tom Harkin was stifled in his effort Tuesday evening to bring a measure to the Senate floor that would cap ATM fees at 50 cents. Harkin (D-Iowa) first introduced his amendment on May 4 and has yet to get a vote. With the close of debate on Wall Street reform rapidly approaching, Harkin went straight to the floor to ask the chamber's consent to vote, conceding that he would be satisfied with a mere five minutes of debate.

Banks, both small and large, oppose the amendment and argue that capping fees will reduce the number of privately available ATMs at convenience stores and elsewhere as well as the number of bank-owned cash machines.