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Study finds rising aversion among US consumers to paying ATM fees

May 11, 2018

More than three-quarters (77 percent) of consumers will do "anything they can" to avoid paying ATM fees, according to newly released survey findings from Mercator Advisory Group.

This latest figure is up 7 percentage points from 70 percent in 2016, and represents the highest level of consumer avoidance of ATM fees since 2012, according to a press release.

The research firm concluded that greater awareness of surcharge-free networks, and increasing numbers of participating financial institutions are prompting consumers to seek no-fee ATMs (67 percent, up from 57 percent in 2016 and 60 percent in 2011).

"Given that bank branches are closing in record numbers, and cash cannot be dispensed through mobile channels alone, surcharge-free networks serve a rising need," said Karen Augustine, author of the Insight Summary Report, ATM and Self-Service Banking: The Importance of Surcharge-Free ATMs.

The report examines:

• Year-over-year trending of U.S. adult consumer use of self-service banking channels and frequency of use by each method.
• Frequency and use of ATM deposits, envelope versus no-envelope, cash versus check.
• Demographics of preferred methods of depositing high- and low-value checks.
• Shifts in methods of getting cash and depositing checks.
• Change in use of cash and checks during the previous year.
• Frequency of ATM use and types of ATMs used.
• Interest in and use of cardless cash access.
• Importance of ATM features and functionality in new bank selection.
• Importance of enhanced functionality such as prepaid card loading, payment services, and coupons and rewards offered at the ATM.

The report is based on responses from an online panel of 3,001 U.S. adults polled in November 2017.