Magazine article American Banker

ATM, Overdraft Fees Hit Record Highs: Survey

Magazine article American Banker

ATM, Overdraft Fees Hit Record Highs: Survey

Article excerpt

Byline: Sarah Todd

Bank fees have reached record highs this year, according to a fall survey from Bankrate.

Banks charged noncustomers an average $2.60 to withdraw cash at their automated teller machines in Bankrate's survey of 10 banks and thrifts in each of the 25 largest U.S. markets. That's a 4% increase from 2012. Average ATM fees have climbed by almost a third in the years since 2008, according to Bankrate.

Higher ATM charges are part of the fallout from the Federal Reserve's push to maintain historically low interest rates, according to Jim Johannes, director of the Puelicher Center for Banking Education at the University of Wisconsin-Madison.

"If you're making less money on the interest side of the bank and you need to increase cash flows to satisfy investors, the only real way you can do that is to make it up in fee income," Johannes said in Bankrate's report on the survey results. …

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