STRATEGIC PARTNERS
November 7, 2002
NORTH PALM BEACH, Fla. -- According to Bankrate.com, which researches bank fees every 6 months, the average surcharge levied by traditional banks when non-customers use their ATMs is $1.49. That's 2 cents higher than the average in a study Bankrate.com conducted in March, and a 12 percent increase in four years.
The most common charge is $1.50, although 13 percent of the institutions surveyed collect a $2 surcharge. Six months ago, only 9 percent charged $2.
More than 89 percent of institutions charge noncustomers for using their ATMs, which is up more than 22 percent in the past four years.
Bankrate.com estimates consumers will pay $2.27 billion in surcharges in 2002. That's up 44 percent in four years.
Foreign fees collected by banks have also jumped. That fee is, on average, $1.42, up from $1.38 in March. According to Bankrate.com, this is the single largest jump ever seen within a six-month span. Like the surcharge, $1.50 is the most common fee.
Eighty-eight percent of institutions surveyed collect a foreign free from their customers when they use other banks' ATMs.
