STRATEGIC PARTNERS
February 28, 2002
NORTH PALM BEACH, Fla. -- According to a study conducted by Bankrate.com, a division of the ilife.com family of Web sites, 83.3 percent of institutions now charge non-customers for using their ATMs -- up from 77.7 percent in October 1999 and 68.7 percent a year ago.
According to Bankrate.com's semi-annual Checking Account Pricing Study, more institutions surcharge non-customers, and charge more, for use of their ATMs. Although the most common fee remains $1.50, 56 percent of the institutions charge non-customers $1.50 or more. This is an increase from 49 percent in October 1999 and 44 percent a year ago.
Bankrate.com has forecast the total cost to consumers of ATM surcharges at over $2 billion this year. This is an increase of 6 percent from the 1999 bankrate.com estimate of $1.9 billion and a 28 percent jump from the 1998 estimate of $1.5 billion.
Full results of the survey, and a breakdown of the fees, will be published at the end of March on Bankrate.com in the checking/ATM channel. Bankrate.com is also distributing a special television segment on its study to participating stations across the country for their local news programming.
