ATM FEES….Another case of judicial activism?
The U.S. Supreme Court handed the banking industry a final victory Tuesday in its 3 1/2-year battle with the cities of Santa Monica and San Francisco over automated teller machine fees.
The court refused to hear an appeal of lower court rulings that overturned laws the two cities passed in 1999 to bar banks from charging for the use of their ATMs by customers of other institutions.
Nah, it was the right decision. But still, you have to admire the populist cred of cities like Santa Monica that are willing to go all the way to the Supreme Court to try to get banks to lower ATM fees.
So two cheers for them, even if it was a dumb idea.