ATM fees hit record high, free checking accounts decline
September 24, 2012 - 11:41 am | Category: Money
The financial research firm Bankrate,com said ATM surcharges — the fee charged when you use a machine that’s isn’t your bank’s — rose for the eighth straight year, up 4%, to a record high of $2.50.
In addition, the fee your bank charges to use another bank’s ATM rose 11% to $1.57. So for many customers, using an ATM from a competing bank costs $4.07, an increase of 7% and a record.
Banks traditionally provide ATMs for free to their own customers, and cover their costs by charging consumers who use out of network machines, according to Greg McBride, senior financial analyst for Bankrate.com. But people are getting smarter about using only in-network ATMs, which means that the companies are trying to make up for that lost revenue.Article Source