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ATM surcharges still a sore point
By Laura
Bruce • Bankrate.com
 Of
the 350 institutions surveyed in the Spring 2003 Checking Account
Study, 97 percent offer ATM cards. The little piece of plastic that
is such a convenience can also take a sizeable bite out of your
bank account if you're not careful.
Use the card at machines owned by your bank and you're
fine. But run out of cash when you're not near your bank's ATM and
you'll likely pay two punitive fees for using another's bank's ATM.
The ATM's bank will tack on a surcharge, and your bank will probably
charge a fee, also.
Certainly, there are times when you have no alternative
and it's necessary to use another bank's ATM. But Americans will
spend an estimated $2.268 billion in surcharges alone this year.
Not all of that can be out of necessity.
 Surcharges
Approximately 89 percent of institutions surcharge when
a noncustomer uses their ATM.
That figure has held quite steady since October 2000.
Four years ago, just 69 percent of institutions assessed
a surcharge.
The average surcharge is still $1.49, the same as
in October. This is the first survey since October 1998 that the
average hasn't increased.
The most common surcharge is $1.50, with 72 percent
of institutions charging $1.50 or more.
Average fee to use another
ATM
Surcharges have remained stable since October, but the fee
assessed by the user's own bank for using another institution's
ATM is climbing.
The average fee is now $1.45, a record.
It's up from $1.42 in October, $1.38 a year ago, and
$1.31 four years ago.
 The
most common fee continues to be $1.50, but an increasing number
of institutions are willing to sock you for $1.75.
Chances are good, unless you have an Internet-bank
account, that your bank will charge you for using another bank's
ATM, since 88 percent do.
That figure has remained fairly consistent over the
past four years.
Point-of-sale
It's always best to plan ahead for your cash needs and withdraw
enough money when you're at your bank's ATM.
But if you just need an extra $20 or so, rather than
use another bank's ATM, try using your card at a supermarket or
convenience store. Make a purchase and many stores will let you
get extra cash back. Most institutions won't charge you a fee for
these so-called point-of-sale transactions, and that helps you beat
surcharges and fees.
Currently, 85 percent of institutions don't charge
for using an ATM card at a point-of-sale. That's up from 83 percent
in the last study but the same as a year ago. Nevertheless, it's
still the highest percentage seen over the years.
Fees for having an ATM card
Only 8 percent of institutions charge customers for the
privilege of having an ATM card. That's down from the 9 percent
seen in the last three studies.
The most common fee for ATM cards is $12 annually;
accounts are usually assessed $1 a month.
Debit cards
The percentage of banks offering debit
cards remains at 96 percent. They're as common as ATM cards now,
and 75 percent of institutions have the same fee structure in place
for both ATM and debit cards.
-- Posted: March 27, 2003
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