STRATEGIC PARTNERS
April 8, 2003
CHICAGO -- While the ATM surcharge seems to have stabilized somewhat, foreign fees charged by banks when their customers use ATMs out of their network are creeping up.
According to the Spring 2003 Checking Account Study conducted by Bankrate.com, the average surcharge is still $1.49, the same as in Bankrate's October study. This is the first bi-annual survey since October 1998 that the surcharge average hadn't increased.
Approximately 89 percent of institutions surcharge when a noncustomer uses their ATM, a figure that has held steady since October 2000.
According to Bankrate, the most common surcharge is $1.50, with 72 percent of institutions charging at least that much.
Thefee assessed by the user's own bank for using another institution's ATM rose to $1.45, a record.
It's up from $1.42 in October, $1.38 a year ago, and $1.31 four years ago. The most common fee continues to be $1.50, but an increasing number of institutions charge $1.75, according to the survey.
Eighty-eight percent of banks assess foreign fees, a figure that has remained fairly consistent over the past four years.
