STRATEGIC PARTNERS
June 8, 2003
WASHINGTON -- Surcharges at U.S. ATMs rose an average of 4 cents in 2002, according to a survey done by the Federal Reserve.
A Reuters report said the Fed's survey of 620 banks and savings associations found the average charge last year was $1.36.
In 2001, surcharge fees increased an average 7 cents. From 1997 through 2002, however, surcharges rose 22.5 percent, well ahead of the rate of consumer inflation, according to the report.
The Fed report also found that 89.4 percent of banks surveyed levy surcharges, up from 56 percent in 1996.
According to the report, major banks with branches in more than one state had a higher average ATM surcharge, $1.43, than their local counterparts, which charged $1.37.
Foreign surcharges actually fell in 2002, to an average $1.14 from $1.17, the Fed said. About 69 percent of banks charged foreign fees in 2002, down from 78.5 percent in 2001.
