Over the past five years, the amount that we are paying at the ATM is climbing. Have you seen the increase?
Typically, when we go to the ATM we face two fees. One is your financial institution charging you for using an ATM that is out of your network. The second, and most expensive fee, is the one that financial institutions charge non customers for using their machines. This type of fee has risen 20% over the past five years, from an average of $1.75 in 2007 to $2.10 in 2012.
The United States Government Accountability Office found that the fees can range from 45 cents to as much as $5.00 depending on the financial institutions. The amount of banks implementing fees is also on the rise, as well. In 2007, only 87% of financial institutions implemented fees, while in 2012, 96% of banks charged these fees. The GAO says the rising charges are due to the increased cost in maintaining ATMs as well as the decreased ATM revenue.
While the fees that financial institutions are charging their own customers to use ATMs has remained relatively flat, it is still important to realize that ATM fees can add up to hundreds of dollars per year.
To read the full article, visit http://money.cnn.com/2013/04/17/pf/atm-fees/index.html?iid=SF_PF_LN.