| Charts: Highlights of the checking
study |
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Bounced-check fee -- The average nonsufficient-funds,
or NSF, fee dipped slightly to $26.90, but is still the second highest
ever recorded. How rare an event is a decline? It is just the second
occurrence in 15 editions of the survey.
Online access -- The availability of online
access, which has crept slowly higher from 95 percent of accounts
in early 2003, is now applicable to nearly 98 percent of accounts.
ATM fees
ATM surcharge -- The average fee assessed by banks to non-accountholders
using their ATMs jumped from $1.40 to $1.54 since the spring survey.
Of the banks that own ATMs, 82 percent charge $1.50 or more to non-accountholders,
compared to 71 percent in the spring.
Percentage of bank-owned ATMs with
surcharges -- The percentage of banks with ATMs that assess
surcharges hit a record high of 96 percent, eclipsing the previous
record of 95 percent in spring 2002. To put it bluntly, if you use
another bank's ATM, expect them to charge for the privilege.
Fee to use a nonbank ATM -- Of
course, surcharges are only half the battle against fees when using
someone else's ATM. Equally important is the fee charged by your
own bank for using another bank's ATM, which also hit a record high.
The current average is $1.37, and of banks offering ATM cards, 69
percent charge $1.50 or more, up from 64 percent in the spring.
Annualized cost of ATM transaction
fees -- With the average fee rising and the prevalence of ATM
fees increasing, it is no surprise that the total cost to American
consumers is also at a new high. Using General Accountability Office
data on the number of ATMs and transaction volume, Bankrate.com
estimates that withdrawals from ATMs belonging to other banks will
cost a total of $4.3 billion in 2005.
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