Everyone with an ATM card is used to paying withdrawal fees when using another bank’s ATM and it’s no big deal, it’s only a buck or so, and the ATMs are so convenient. If that screen said, “This ATM will charge you $4.75 to withdraw money,” you might look around to make sure you hadn’t accidentally stepped into a casino or strip club. But since many banks charge you an extra per-transaction punishment fee for using another bank’s ATM, that’s exactly what’s happening. You just don’t notice because it gets lumped together into one ATM fee on your bank statement. Not only that, but these fees are slowly and steadily on the rise, as seen in this NYT graph. Average ATM surcharges by “other banks” have gone up from $.75 to $1.75 from 1999 to 2007. Average punishment fee for cheating with another bank’s ATM has gone from $2.00 to $3.00 in the same period. Obviously, one way to beat the fees is to only visit your bank’s ATMs. Another is to bank with a place like USAA, which refunds other bank’s ATM surcharges. Any other solutions out there for ending the fee spree?
ATM Fees Slink Upwards
By consumerist.com February 18, 2008
- up up and away Average ATM Fees Hit Record High For 10th Straight Year
- cash only Average ATM Fees Hit Record High Of $4.52, Up 21% Over 5 Years
- And The Survey Says: ATM, Checking Account Overdraft Fees Aren’t Getting Any Cheaper
- enter your pin number at the atm machine Appeals Court Breathes New Life Into ATM Fee Price-Fixing Suit
- danger danger Banks Warned About Massive ATM Frauds, Attacks On Websites