STRATEGIC PARTNERS
June 16, 2002
WASHINGTON -- The average ATM fee rose in 2001, according to a Federal Reserve report released on June 14.
Reutersreported that in the Fed's annual review of retail banking fees, the average ATM surcharge rose to $1.32 for cash withdrawals, up 4.8 percent from 2000's $1.26 average fee.
The report also found that the number of banks and savings institutions levying fees jumped to 88.5 percent, up 13 percent.
The average fee for using a "foreign" ATM rose just one cent, to $1.17.
The Fed gathered its data via telephone surveys of 620 banks and savings institutions.
As in previous surveys, the Fed found that banking services are more expensive at so-called multi-state banks, large banks with branches in different states, than those at single-state banks.
