Survey: Banks’ ATM fees grow, free checking shrinks

By: KKCO - Email
By: KKCO - Email

Banks are hiking ATM fees to record levels and cutting back on free checking accounts., a financial research firm, announced the results of its 2012 Checking Survey on Monday. It found that ATM surcharges rose for the eighth straight year, up 4 percent to a record high of $2.50.

The fee for using a competitor's ATM rose 11 percent to $1.57. So for many customers, using an ATM from a competing bank costs $4.07, an increase of 7 percent and a new 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

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.

As for free checking, that could become a thing of the past. The survey finds that only 39 percents of banks offer a checking account without a monthly fee or a minimum balance. However, 72 percent of large credit unions still offer free checking, McBride said.

There is more bad news for consumers. The average overdraft fee rose 1.4 percent from $30.83 to $31.26. Monthly maintenance fees also grew to a record high of $5.48, a 25 percent increase.

KKCO firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKCO 11News.

powered by Disqus
KKCO NBC 11 News 2531 Blichmann Avenue Grand Junction, CO 81505 Station Phone: 970.243.1111 Business Fax: 970.243.1770 Newsroom Fax: 970.245.3793 News Tip & Contest Line: 970.255.8477
Copyright © 2002-2015 - Designed by Gray Digital Media - Powered by Clickability 171042591 -
Gray Television, Inc.