Gandler
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June 2nd, 2014 at 8:26:16 AM permalink
What's up with casino ATMs? Casinos have the most obnoxiously overpriced surcharge fees.

To clarify, I am speaking of AC since that is the only place I frequent. But every Casino has ridiculous surcharges. The lowest I have seen is 5.99, and most are much higher, many 8 or 9 or close to 10. And they also put limits like a max of 500 per withdraw so if you need more you have to pay the surcharge multiple times. One of the worst ones I have seen was the 5.99 one, because it was a 100 max per withdraw. It seems like a total ripoff.

Out of all the businesses that would want you to easily withdraw money without thinking too much about it, I would think casinos would, because if you are withdrawing money most of it will probably end up with the casino eventually. So I don't understand why their ATMS are so expensive?

Which I guess is my question; Is there some sort of state law (seems like something NJ would do), where ATMS within casinos have to have withdraw limits and a minimum surcharge fee, probably with the theory that it would dissuade problem gamblers from withdrawing too much?
Wizard
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June 2nd, 2014 at 8:34:04 AM permalink
The fee at the Casino Royale is only $1. Otherwise, it tends to range from $3 to $6 here in Vegas.
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TerribleTom
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June 2nd, 2014 at 8:42:47 AM permalink
That $1 @ Casino Royale is a good thing to know. I usually bring all of my gambling money with me in cash (typically under $1K) but if I need cash in LV I know where to go. They've got low limit table games there, too.

A 6% ATM surcharge is ridiculous. $5.99 fee with $100 max withdrawal? No way.

Can you go to the cage and get a cash withdrawal from a CC for a more reasonable fee? Assuming you have the cash in your account you could make a CC payment online right away to avoid any interest (IIRC, cash withdrawal from CC has no grace period and interest starts to accrue immediately.)
Gandler
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June 2nd, 2014 at 8:59:34 AM permalink
Quote: TerribleTom

That $1 @ Casino Royale is a good thing to know. I usually bring all of my gambling money with me in cash (typically under $1K) but if I need cash in LV I know where to go. They've got low limit table games there, too.

A 6% ATM surcharge is ridiculous. $5.99 fee with $100 max withdrawal? No way.

Can you go to the cage and get a cash withdrawal from a CC for a more reasonable fee? Assuming you have the cash in your account you could make a CC payment online right away to avoid any interest (IIRC, cash withdrawal from CC has no grace period and interest starts to accrue immediately.)


I have never tried that, but I imagine you can, thanks, thats probably a decent idea if I need a withdrawal while there.

That also made me think of online gambling. Now I just realized I can deposit anything on my online casino account of the respective casino and just withdraw cage (most of the online casinos work on smartphones or have apps so you can just deposit whatever you need onto your online gambling account while there). I feel stupid that this just now occurred to me? Doesn't this make way more sense than credit or ATMS since no fees or interest?
GWAE
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June 2nd, 2014 at 9:18:09 AM permalink
make sure there is no waiting period for withdrawl
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RaleighCraps
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June 2nd, 2014 at 9:34:25 AM permalink
This is basically the rule of a captive and hooked audience. Much like the druggie needs their fix, so does the gambler need their cash. And the casinos know this all too well.
For every one person who walks away from the high fee, there are 10 more that are willing to pay it, even at $100 max withdrawls.

I have always wondered if the casino owns the ATM's, or if the ATMs are owned by independent companies who in turn pay the casino a floor space fee. Either way, I am sure the casino is profiting from the ATM being there, and of course, not to mention the increase in action they will get from the new cash.

I was traveling on business and unexpectedly came to have time at a casino late at night. I quickly burned through the $300 I had on me, so I am ashamed to say, I paid a $40 fee to take a $1000 cash advance on my CC. It did not feel good, but in the end, I rationalized it was only one more lost craps bet. The other option would have been to leave the casino and try to find a bank ATM, since this was before smartphones and ATM locator apps. In the end, the $40 was probably cheaper, other than of course, just leaving early.
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MrWarmth
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June 2nd, 2014 at 9:45:20 AM permalink
Quote: TerribleTom

Can you go to the cage and get a cash withdrawal from a CC for a more reasonable fee? Assuming you have the cash in your account you could make a CC payment online right away to avoid any interest (IIRC, cash withdrawal from CC has no grace period and interest starts to accrue immediately.)



I'm sure different folks have different experiences, but in my experience, when you withdraw from a casino ATM, it just gives you some paper which you then take to the cage for cash/chips.

The Casino Royale tip is great for on-strip, I've also found that I get as low as $3 (regardless of amount but I think up to $500, so <1%) from ATMs so long as it's with my bank. In practice, I've only done this once Downtown where my bank's ATM was just a block or so from Fremont St.

That doesn't include, of course, any charges/fees that the credit card assesses in addition to the $3.
tringlomane
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June 2nd, 2014 at 9:49:33 AM permalink
Quote: RaleighCraps

This is basically the rule of a captive and hooked audience. Much like the druggie needs their fix, so does the gambler need their cash. And the casinos know this all too well.
For every one person who walks away from the high fee, there are 10 more that are willing to pay it, even at $100 max withdrawls.



When I see most withdrawals, they often are for $100 and they slap a good $5 fee on them usually. I've seen a withdrawal for $40 once...wtf?

I give myself great shame if I use a casino ATM, because that's a sign that I'm wanting to risk more than I did in the first place. I've used an ATM once in a casino in Vegas while actively gambling. Being stuck about $300 in a poker game and not wanting to quit after 2 hours. Pulled out $400 because screw that fee. Fortunately, I won 95% of the $300 back over the next 8 hours...lol I try to give myself great shame in using an ATM in a casino since it usually means I am wanting to risk more than I wanted to risk in the first place.

Now with knowing about the casino ATM at Casino Royale, I carry about half of my trip budget with me, and give myself the option to make a withdrawal of the other half if needed. I feel weird carrying more than $500 or so. Fortunately I have only done that twice in 8 trips this decade with that poker game being one of them.
ChampagneFireball
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June 2nd, 2014 at 10:10:08 AM permalink
I use a bank that refunds my ATM fees, so it's never a problem for me. Still, I feel bad paying 5.99 because I still think its ridiculous, and it also feels like my bank may change its mind if the have to refund too much money.
Nareed
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June 2nd, 2014 at 10:11:08 AM permalink
How do fees at casino ATMs differ from ATMs elsewhere?

IN Mexico if you use an ATM from your own bank, you won't get charged a fee most times (never if using a debit card). If you use one from a different bank, the fees range from under $2 to $4 typically.

Of course, in Mexico there are few banks and the bigger ones operate nationally. The smaller ones are regional, but cover several states. So finding your bank's ATM is relatively easy even when you travel.

Most ATMs have a withdrawl limit of 5,000-6,000 pesos (around $380-450 or so). For many banks this is a daily limit. Though you can withdraw as much as you want, without paying a fee, from either credit or debit accounts, at the bank teller inside. See how widespread banks are, and they operate from 8-9 am til 4-5 pm.
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AcesAndEights
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June 2nd, 2014 at 10:40:24 AM permalink
Quote: Gandler

What's up with casino ATMs? Casinos have the most obnoxiously overpriced surcharge fees.

To clarify, I am speaking of AC since that is the only place I frequent. But every Casino has ridiculous surcharges. The lowest I have seen is 5.99, and most are much higher, many 8 or 9 or close to 10. And they also put limits like a max of 500 per withdraw so if you need more you have to pay the surcharge multiple times. One of the worst ones I have seen was the 5.99 one, because it was a 100 max per withdraw. It seems like a total ripoff.

Out of all the businesses that would want you to easily withdraw money without thinking too much about it, I would think casinos would, because if you are withdrawing money most of it will probably end up with the casino eventually. So I don't understand why their ATMS are so expensive?

Which I guess is my question; Is there some sort of state law (seems like something NJ would do), where ATMS within casinos have to have withdraw limits and a minimum surcharge fee, probably with the theory that it would dissuade problem gamblers from withdrawing too much?


Bring your cash. I haven't used an ATM in Vegas since 2010. I haven't used an ATM in a casino for a couple of years. Last time was when I made an impromptu gambling trip to one of my local casinos after a night of drinking.

OT: Among other poor decisions made that night, I took probably $1K out of an ATM and played Baccarat. Although that was the only time playing Baccarat I've ever squeezed the cards. It was your standard midi-baccarat where the dealer typically dealt everything. But it was slow, so if you were betting at least green chips, they would let the highest bettor for each side turn the cards over and mangle them if you really wanted to. It was fun betting against the other guy at the table (your typically Asian gambler) and ripping up the cards.
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Gandler
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June 2nd, 2014 at 10:45:21 AM permalink
Quote: RaleighCraps

This is basically the rule of a captive and hooked audience. Much like the druggie needs their fix, so does the gambler need their cash. And the casinos know this all too well.
For every one person who walks away from the high fee, there are 10 more that are willing to pay it, even at $100 max withdrawls.

I have always wondered if the casino owns the ATM's, or if the ATMs are owned by independent companies who in turn pay the casino a floor space fee. Either way, I am sure the casino is profiting from the ATM being there, and of course, not to mention the increase in action they will get from the new cash.

I was traveling on business and unexpectedly came to have time at a casino late at night. I quickly burned through the $300 I had on me, so I am ashamed to say, I paid a $40 fee to take a $1000 cash advance on my CC. It did not feel good, but in the end, I rationalized it was only one more lost craps bet. The other option would have been to leave the casino and try to find a bank ATM, since this was before smartphones and ATM locator apps. In the end, the $40 was probably cheaper, other than of course, just leaving early.



Perhaps that is true. But I am somebody who will walk blocks down the boardwalk to find a free ATM (or at least one under 2 dollars with no limit or high limit, every Wawa in NJ has free ATMs). And all that time that I am strolling around is less time I will be theoretically losing money. And if on my walk I end up closer to another casino I will very possibly play there for a bit instead of where I was originally.

Now I am no marketing expert, but to me it seems plausible to attract casual visitors who may not have cash and only want 50 bucks to blow in a slot machine and they may see the absurd fee and just walk away.

Like you said the hard core and problem gamers will do it no matter what, but how many casual visors (people who are just coming to the casino for a show or dinner meeting etc...) that feel compelled to withdraw money to try a cool looking a slot machine but don't want to pay 9 dollars for 20-50 bucks. (And once they withdraw money they may be compelled to play more and return to get more money...). I have no evidence to back this up, but it seems like free ATMS or at least a small reasonable fee would make them a lot more money especially from casual visitors whom once they leave the casino likely will not return and then that potential money is lost.

It seems like the Vegas casinos realize this (based on your guys' s posts, I have never been there).
chickenman
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June 2nd, 2014 at 10:46:39 AM permalink
My bank refunds four out-of-network ATM fees per month. This is a debit card. The credit card will charge a hefty cash advance fee plus I just happened to ask recently out of curiosity and the casino charges something between $25 and $30 for the service, forgot the exact number. Oh, and the clock runs on the cash advance interest from Day-one IIRC.
AxiomOfChoice
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June 2nd, 2014 at 10:47:21 AM permalink
The ATMs at my local casino have no fees. They advertise this all over the place. I never use them though; I always carry cash.
onenickelmiracle
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June 2nd, 2014 at 10:54:15 AM permalink
In Atlantic City there are banks right off the boardwalk I would use.
My guess the casinos see an opportunity to not only make money but also making money by making the challenge of getting back to even more difficult.
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Gandler
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June 2nd, 2014 at 10:58:49 AM permalink
Quote: onenickelmiracle

In Atlantic City there are banks right off the boardwalk I would use.
My guess the casinos see an opportunity to not only make money but also making money by making the challenge of getting back to even more difficult.


That's partially my point there are so my banks and stores and private ATMS in the area that are free or very cheap so the casinos charging so much seems absurd because it just encourages casual and visitors and stingy people to go for a walk and leave the casino.
Riva
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June 2nd, 2014 at 11:34:39 AM permalink
Quote: Gandler

That's partially my point there are so my banks and stores and private ATMS in the area that are free or very cheap so the casinos charging so much seems absurd because it just encourages casual and visitors and stingy people to go for a walk and leave the casino.



I run a charity game for a local school. We have a huge 4-day event every year under a tent. Perhaps 500+ players each night.

In the past, when a player went bust, they went home. A few years back, we had a company install a portable ATM at the entrance to the tent. It got tons of use from the very get go, keeping players in the tent. The ATM operator typically has to fill the machine 2-4 times per night.

The ATM operator charges a modest $3 interchange fee and he gives us $1 of that fee. Finally, we negotiated a deal where we 'paid' him a flat fee just to have the machine in the tent with $0 fee to the person making the withdrawal.

Sound crazy? Hardly.

ATM withdrawals actually increased as there is no better words in marketing than F-R-E-E!
More importantly, those players went immediately to the cashier's table to buy more chips. And, I know that for every dollar in chip sales, the house is going to make 20%-40% over the term of the evening.

So, rather than getting $1,000 in fee revenue over the weekend to actually costing us $500, a $1,500 turn, I have $60,000-$100,000 "in circulation" over the weekend. And, at an average 30%, that translates in to $20,000-$30,000 in net gaming revenue.

One of the best decisions we ever made was to place an ATM in the tent. An even better decision was to make the ATM "fee free".
tringlomane
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June 2nd, 2014 at 11:56:57 AM permalink
Quote: Nareed

How do fees at casino ATMs differ from ATMs elsewhere?



They are generally a few dollars higher I think. But I haven't used an ATM outside of Vegas or outside of my own bank in about a decade. Fees definitely keep me away. And I rarely need more than $100 at a time, so I just make a debit purchase at Walmart instead.
onenickelmiracle
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June 2nd, 2014 at 11:58:26 AM permalink
The casino must value a bird in the hand being worth more than two in the bush. It doesn't make much sense to me either but suppose the casino thinks ATM fees are something enough people are willing to pay.
Among the same thought, casinos charging outrageous fees for cigarettes. The Atlantic City casinos charge $12 last time I looked compared to probably $6-7 at any local store. It's pretty much the same deal at every casino I've been.
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tringlomane
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June 2nd, 2014 at 12:10:52 PM permalink
Quote: onenickelmiracle

The casino must value a bird in the hand being worth more than two in the bush. It doesn't make much sense to me either but suppose the casino thinks ATM fees are something enough people are willing to pay.
Among the same thought, casinos charging outrageous fees for cigarettes. The Atlantic City casinos charge $12 last time I looked compared to probably $6-7 at any local store. It's pretty much the same deal at every casino I've been.



It's worse percentage wise in Missouri, the casinos charge $10 and and we have the cheapest cigarette tax in the country. Marlboros have to be still lower than $5/pack I'd think. Maybe even sub $4. I do occasionally see some people buy them. Addictions go hand in hand.
Sabretom2
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June 2nd, 2014 at 12:10:57 PM permalink
It seems to be a good idea to have debit card for use out of town that refunds all ATM fees (Charles Schwab).
AxiomOfChoice
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June 2nd, 2014 at 12:15:50 PM permalink
Quote: Sabretom2

It seems to be a good idea to have debit card for use out of town that refunds all ATM fees (Charles Schwab).



You need to be careful with those. Some (most? all?) of them only refund the transfer fee that the other bank charges, not the fee to use the machine that 3rd-party ATMs charge.

In other words, if you go to another bank's machine, you won't get charged anything, but if you go to one of those 3rd party machines that is not affiliated with any bank, like they have in corner stores and casinos, where the fee gets added to your withdrawal amount, you will get charged.
Gandler
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June 2nd, 2014 at 12:21:22 PM permalink
Quote: onenickelmiracle

The casino must value a bird in the hand being worth more than two in the bush. It doesn't make much sense to me either but suppose the casino thinks ATM fees are something enough people are willing to pay.
Among the same thought, casinos charging outrageous fees for cigarettes. The Atlantic City casinos charge $12 last time I looked compared to probably $6-7 at any local store. It's pretty much the same deal at every casino I've been.



I don't smoke. But I have often seen people at the tables ask for a pack of cigarettes and they usually get them.

But speaking of cigarettes, casinos in NJ are the only place I have seen cigarette vending machines which I find interesting because I have never seen them anywhere else in my life.
UTHfan
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June 2nd, 2014 at 12:33:37 PM permalink
Hmm, I complained about the MDLive ATM's which limit withdrawals to $250. But they only charge $4 per withdrawal.
MdLive's ATM's are particularly chickenshit, but it's attached to a mega-mall with several real bank atm's nearby. I usually stop at the one in the parking lot before I go to get paid by the casino.
Nareed
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June 2nd, 2014 at 12:50:14 PM permalink
Quote: tringlomane

They are generally a few dollars higher I think. But I haven't used an ATM outside of Vegas or outside of my own bank in about a decade. Fees definitely keep me away. And I rarely need more than $100 at a time, so I just make a debit purchase at Walmart instead.



Thanks.

I withdrew money at the outlet mall and got charged $5.99. Perhpas that's a captive audience, too. Fortunately my bank didn't charge me any extras for the transaction abroad.

I gather you can withdraw money from your debit account at Walmart? we can do that here at most supermarkets when paying with a debit card, but with a limit of 2,000 pesos (about $150).
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beachbumbabs
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June 2nd, 2014 at 12:53:34 PM permalink
Quote: Gandler

I don't smoke. But I have often seen people at the tables ask for a pack of cigarettes and they usually get them.

But speaking of cigarettes, casinos in NJ are the only place I have seen cigarette vending machines which I find interesting because I have never seen them anywhere else in my life.



Gandler,
In the 60's and 70's cigarette vending machines were everywhere. When they got tough on teen smoking in the late 70's, they got removed from anywhere teens could go. There are still a few in bars and casinos, where ages are checked, but they're nearly extinct.
If the House lost every hand, they wouldn't deal the game.
Nareed
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June 2nd, 2014 at 12:53:37 PM permalink
Quote: Gandler

But speaking of cigarettes, casinos in NJ are the only place I have seen cigarette vending machines which I find interesting because I have never seen them anywhere else in my life.



They used to be plentiful. I did see two last trip in vegas. One at the 4 Queens in the casino floor, and one at the Golden Gate in a small alcove near to Duapr's.

BTW in Mexico a pack of Camels or Marloboro's goes for about $3.50 (and can be had for a bit less when buying by the carton at Costco). Small wonder I bring my own cigarettes when I travel, yes? I brought back some filterless Camels for a co-worker and I'm still aghast at how much I paid for them. The good thing is he promised to pay me back.
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Deucekies
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June 2nd, 2014 at 2:10:40 PM permalink
Wow. Marlboros for less than $5. They go for $10 in WA.
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Nareed
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June 2nd, 2014 at 2:20:12 PM permalink
Quote: Deucekies

Wow. Marlboros for less than $5. They go for $10 in WA.



They're not exaclty the same. At least the regular Camels are not. On the last days I ran short and bought a couple of US packs to tide me over. But I had to pay attention in order to tell them apart. That is, when I didn't look at them.
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mickeycrimm
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June 2nd, 2014 at 2:29:28 PM permalink
Quote: beachbumbabs

In the 60's and 70's cigarette vending machines were everywhere.



And that's exactly how I started smoking. They even had them outside for Christ's sake.
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mickeycrimm
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June 2nd, 2014 at 2:30:07 PM permalink
Quote: Gandler

What's up with casino ATMs? Casinos have the most obnoxiously overpriced surcharge fees.

To clarify, I am speaking of AC since that is the only place I frequent. But every Casino has ridiculous surcharges. The lowest I have seen is 5.99, and most are much higher, many 8 or 9 or close to 10. And they also put limits like a max of 500 per withdraw so if you need more you have to pay the surcharge multiple times. One of the worst ones I have seen was the 5.99 one, because it was a 100 max per withdraw. It seems like a total ripoff.

Out of all the businesses that would want you to easily withdraw money without thinking too much about it, I would think casinos would, because if you are withdrawing money most of it will probably end up with the casino eventually. So I don't understand why their ATMS are so expensive?

Which I guess is my question; Is there some sort of state law (seems like something NJ would do), where ATMS within casinos have to have withdraw limits and a minimum surcharge fee, probably with the theory that it would dissuade problem gamblers from withdrawing too much?



It's impossible to beat the rake in that game. Try something else.
"Quit trying your luck and start trying your skill." Mickey Crimm
ChampagneFireball
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June 2nd, 2014 at 2:39:45 PM permalink
Quote: AxiomOfChoice

You need to be careful with those. Some (most? all?) of them only refund the transfer fee that the other bank charges, not the fee to use the machine that 3rd-party ATMs charge.

In other words, if you go to another bank's machine, you won't get charged anything, but if you go to one of those 3rd party machines that is not affiliated with any bank, like they have in corner stores and casinos, where the fee gets added to your withdrawal amount, you will get charged.



On the contrary, I haven't paid an ATM fee in years. All my ATM fees are refunded regardless of machine type or location. They even refunded international ATM in no-name banks and convenience stores.

Google for "atm fee reimbursement" and you'll find plenty of quality options.
Beardgoat
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June 2nd, 2014 at 2:46:10 PM permalink
Isn't there a casino on Fremont street that gives money back for ATM withdrawls? like 5% or something? That's an AP in itself. Withdraw $500 and don't even gamble, pay $2 fee, and get $25 from the casino.

Edit: found it in an ATM thread from last year. No idea if El Cortez still does it

https://wizardofvegas.com/forum/off-topic/gripes/13450-atm-fees/
AxelWolf
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June 2nd, 2014 at 3:13:44 PM permalink
If I go to the ATM to withdraw cash (almost never) I take out the max so I feel better about the % they are taking. Years ago I unexpectedly was on a Linked $1 must hit slot, so I was unprepared, I was fairly certain I had enough anyways but I ran really bad. I needed as much cash as possible so I went to the cage to withdraw money they charged me some outrageous fee like $20. If you call your bank and complain, they will usually take off the fee. Same thing if you get over drafted. If its only $5 I just forget about it, I really try not to sweat the small stuff.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
Deucekies
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June 2nd, 2014 at 3:32:43 PM permalink
I work at a small cardroom in a college town. If I see someone, particularly college students, pull $20 or $40 out of the ATM, I always give them the advice to pull out $100+ even if they're only gonna play $20, and have their grocery money for the week. Management might not like that I do that, but it also slightly increases the chance that we'll get additional action, so the way I see it, everyone wins.
Casinos are not your friends, they want your money. But so does Disneyland. And there is no chance in hell that you will go to Disneyland and come back with more money than you went with. - AxelWolf and Mickeycrimm
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