New Visitors Privacy Policy Sponsorship Contact Us Media
Baby Boomers Family Green Home and Auto In Critical Condition Just Starting Out Lifestyle Money
- advertisement -
Bankrate.com
News & Advice Compare Rates Calculators
Rate Alerts  |  Glossary  |  Help
Mortgage Home
Equity
Auto CDs &
Investments
Retirement Checking &
Savings
Credit
Cards
Debt
Management
College
Finance
Taxes Personal
Finance

Back to the Checking Study Home Page

Checking Study: ATM fees keep climbing


See the most recent version of the checking study.

Fees don't end with those pertaining to checking accounts, of course.

ATM fees have been an equally expensive proposition for many account holders.

Here are the key findings on ATM fees:

Average fee to use another bank's ATM: The average fee a bank charges a customer for using another institution's ATM bounced to a new high, jumping from $1.29 to $1.35.

This comes after a two-year period where the average fee showed little change, fluctuating between $1.28 and $1.30.

- advertisement -

In the four years from 1998 to 2002, the average jumped nearly 19 percent, from $1.08 in fall 1998 to $1.28 in fall 2002. The most common fee assessed by banks continued to be $1.50, though the $2 fee is gaining in popularity.

In the latest study, 64 institutions charged a $2 fee, up from 53 institutions in the prior edition of the survey.

Average ATM surcharge: The average fee that ATM owners charge noncustomers increased from $1.37 to $1.40, a high-water mark reached only once before in fall 2003. The average surcharge has shown little movement in the past four years, compared to a rapid ascent between 1998 and 2000. The average surcharge has increased 40 percent in the past six years. The most common fee continues to be $1.50, with nearly half of banks that surcharge non-account holders assessing that fee.

Percent of institutions with ATMs that surcharge: Of the institutions surveyed that have ATMs, the percentage that assesses surcharges remained just below 91 percent. This ratio is lower than the levels sustained from fall 2000 through 2003, when the percentage of institutions with ATMs that surcharged was between 93 percent and 94 percent.

The decline in the past two years is due to institution changes and banks, such as Washington Mutual, offering surcharge-free ATMs nationwide. The current prevalence of surcharging is still sharply higher than the late 1990s. Six years ago, in the spring 1999 edition of the survey, 74 percent of the banks with ATMs that were surveyed assessed surcharges.

Annual cost estimate of non-bank ATM withdrawals -- in billions: Americans waste nearly $4 billion each year making ATM withdrawals at the "wrong" bank's ATM. Bankrate.com derived the estimate of the total cost of non-bank ATM usage -- both surcharges and the fees charged by customers' own banks for withdrawals at non-bank ATMs.

This estimate is based upon the latest Bankrate.com data for both ATM surcharges and fees assessed for using other banks' ATMs, and GAO data on the number of ATMs and non-customer transactions per ATM. The 2005 annual cost estimate of non-bank ATM withdrawals comes to $3.993 billion. Deriving an estimate for prior periods reveals this as a new high, though the estimate would have ranged between $3.4 billion and $3.9 billion over the past five years.

However, the current estimate is still 44 percent higher than the spring 1999 estimate of $2.77 billion. ATM fees -- both surcharges and the non-bank ATM withdrawal fee -- still exact a significant penalty for using a non-bank ATM, especially for small withdrawals.

 

 
-- Posted: May 11, 2005
     

 

 
 

 

Looking for more stories like this? We'll send them directly to you!
Bankrate.com's corrections policy
Checking Study 2005
Checking accounts
ATM fees
Online vs. traditional banks
Compare checking account rates

Print   E-mail

Checking and Savings
Compare today's rates
NATIONAL OVERNIGHT AVERAGES
Interest checking 0.42%
MMA 0.37%
$10K MMA 0.33%



RELATED CALCULATORS
  How long will your savings last  
  How to reach a savings goal -- with scheduled payments  
  Watch your savings grow with regular deposits  
VIEW ALL 
BASICS SERIES
Checking Basics
Manage your account in a fee-friendly way.
What's the best checking
account for me?
ABCs of ATMs
What are all these fees?
Is online banking secure?

MORE ON BANKRATE
Banking glossary  
News archive  
Keep an eye on the leading rates  
Find a high-yielding CD


- advertisement -
 
- advertisement -

About Bankrate | Privacy Policy/Your California Privacy Rights | Online Media Kit | Partnerships | Investor Relations | Press Room | Contact Us | Sitemap
NYSE: RATE | RSS Feeds |

* Mortgage rate may include points. See rate tables for details. Click here.
* To see the definition of overnight averages click here.

Bankrate.com ®, Copyright © 2014 Bankrate, Inc., All Rights Reserved, Terms of Use.