990WBOB
  • WBOB Radio
  • Crush Cancer
  • Past Casts
  • Weather
  • Contact
  • About
    • WBOB Press Releases
    • Join Our Team!
    • CHARITY GALA

STUDY: ATM Fees Set New Record High; Overdraft Fees Are Down

10/4/2016

Comments

 
Picture
​ATM fees set a new record high for the 10th year in a row, with the total cost of using an out-of-network ATM withdrawal rising to $4.57, according to Bankrate.com's 19th annual checking survey. 

Consumers are typically faced with two different fees when using an out-of-network ATM: the surcharge assessed by the ATM owner on a non*customer and the fee charged by the account-holder's own bank for using another bank's ATM.  This year, the average ATM surcharge hit a new record, rising to $2.90 from $2.88 last year.   The average fee charged by a consumer's own bank for going outside the ATM network increased 1.8 percent to $1.67.
​"With ATM fees now at an average of $4.57, an unplanned stop at the ATM for $20 will cost nearly 23% in fees.  A little advanced planning when making withdrawals can add up to big savings for consumers in the long run," said Bankrate.com's chief financial analyst Greg McBride, CFA.

While ATM fees continue to rise, consumers are seeing a bit of relief when it comes to overdraft fees. Breaking a streak of 17 consecutive years of new highs, the average overdraft fee dipped slightly to $33.04 from $33.07 last year. The most common overdraft fee is $35.  Occurrences of a fee not being charged for overdrafts of $10 or less are also increasing, "a potential pre-emptive move against any forthcoming rules issued by the Consumer Financial Protection Bureau," noted McBride.
​
San Francisco has both the lowest average overdraft fees and average out-of-network ATM fees.  Philadelphia has the highest average overdraft fees.  Consumers in Phoenix are charged with the highest average out-of-network ATM fees.
Picture
Non-Interest Checking Accounts

The number of free non-interest checking accounts increased for the first time since 2009, with 38 percent of non-interest accounts not carrying any monthly fees or balance requirements. Non-interest checking accounts saw declines in the average opening balance ($169), monthly service fee ($5.78), and balance required to avoid the fee ($670). The last time all three declined was 2008.

Interest Checking Accounts

The percentage of free interest checking accounts increased, with 5.5 percent of the accounts carrying no monthly fees regardless of balance or activity.  Although the average monthly service fee on interest checking accounts was down - slipping half a percent to $15.17, the balance required to avoid fees on interest checking accounts soared over 10 percent to a new high of$7,037.

Methodology
A total of 10 banks and thrifts in each of 25 large U.S. markets; 1 interest and 1 non-interest account, as well as their associated ATM and debit card fee policies were surveyed from 245 institutions offering checking accounts; 236 interest and 236 non-interest accounts were surveyed between July 14 – August 10, 2016.
Comments

    WBOB
    Original
    ​Reads

    Picture

    Unbiased, Unfiltered. WBOB's Original Reads feature our brightest and boldest personalities, offering their two-cents on the goings on of news, sports, politics, entertainment, and business. -- Are our opinions always PC? Nope. Are they always perfect? Nah. But, are they always 100% authentic? Absolutely!


    LISTEN
    ​TO WBOB ORIGINAL PODCASTS

    Picture
    Listen to
    ​Past BOBCasts

    WBOB 
    Best Reads
    Brought To You By
    TripAdvisor.com

    Picture

    Celebrating David Clyde: A Wild Passionate Friend To All


    Picture

    Search 
    The Archives


    Reads From Our Friends

    Picture

    The Best Game Development Tools: How to Make Your Own Game


    Contact Us
    [email protected]


    Archives

    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013
    February 2013
    January 2013
    December 2012
    November 2012
    October 2012
    September 2012
    August 2012
    July 2012
    June 2012
    May 2012
    April 2012
    March 2012
    February 2012

Search For Your Favorite WBOB Author,
​or BobCast

990WBOB 
An Independent Media Outlet.

The views opinions and thoughts expressed do not  reflect those of 990WBOB, its management or its staff. All Rights Reserved 990WBOB.com 2007-2020
​
Contact WBOB HERE
Photo from nzhamstar
  • WBOB Radio
  • Crush Cancer
  • Past Casts
  • Weather
  • Contact
  • About
    • WBOB Press Releases
    • Join Our Team!
    • CHARITY GALA