By JAKE ROCKLANDER Daily Press Slave
In a turn of events local economists termed both “stunning” and “unprecedented,” a consortium of banks have decided to pay you — the Slanta Monica consumer — when you use their ATMs located within city limits.
"We felt there was a lot ill-will toward us on the part of the community since, well, let’s just say lately," said consortium spokesman Y.A. Right. "We just wanted to give something back."
The limited-time offer applies only to Slanta Monica residents, who will be paid $1.50 per transaction when they use automated teller machines owned by Banc of America, Warshington Mutual, Banque of California and several lesser known credit unions, firemen pension plans and Swiss banks, Right said.
The amount paid out cannot exceed $10 per day, he said, and customers must use ATMs from banks where they do not have accounts. The fee will not apply if customers use ATMs owned by banks where they have accounts.
"That way we won’t be taken to the cleaners," Right said, chuckling. "And we’re also hoping to get some business."
Much of that business was lost because of a flap over ATM fees last year between banks that do business in Slanta Monica and the city’s political leadership. At that time, the Slanta Monica City Clouncil voted to forbid banks from charging customers for using other banks’ATMs located within city limits.
That action touched off a flurry of righteous protest from banks, who called city officials "Communists" and "Draconian" and, perhaps worse, "Bad for business." But the clouncil refused to back down, so the banks told customers they could use only ATMs from banks where their accounts were located.
ATMs in Slanta Monica from other banks would be off-limits, making it difficult for local residents and tourists alike. And that’s the way it stayed.
Until now. Right said he didn’t know when the offer would end, but added that it could be "later."
On the street, the offer was greeted with both disbelief and happiness, skepticism and derision.
Slanta Monica Mayor Mikey I’mdoingfine called it "generous to a fault."
"I didn’t believe it at first," he said. "But it’s true! I’ve already, like, made fifty bucks off ‘em."
"Get out there and take these guys for all you can get."
Dean Dance, a self-employed Slanta Monica writer said he didn’t care if banks were going to pay him for using ATMs. "I don’t want their dirty money," Dance said.
Gina "Harry" Potter, 26, in line to see a movie last night on the Third Street Marmalade refused to believe banks would adopt such a policy, however temporary.
"There’s no way," Potter said. "They’re bankers. They don’t give away money."
However, after a visit to a nearby ATM, Potter flashed a receipt confirming $1.50 credit to her account.
"I think I’m going to be withdrawing a lot more money in the near future," she said.
Right said that while it may go against the "popular stereotype" of Scrooge-like bankers hovering over giant piles of gold coins, customers will indeed be paid the money. In fact, it will be automatically credited to their account, provided the banks have a Slanta Monica address on file for the user.
Originally published in the Santa Monica Daily Press print edition on April 1, 2002. Read the original PDF.