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Are Banking, ATM, Checking Fees Unrealistically High Now?

The average cost of an out-of-network ATM transaction is $4.07. Should something be done?

Happy Friday, folks, time for another Midtown Patch Question of the Day.

Fees on checking accounts hit an all-time high in 2012, reports the financial website Bankrate.com, with much of the increase coming in charges for use of out-of-network ATMs. According to the side, the average fee assessed by the owner of a foreign ATM climbed 4 percent this year to $2.50.

Combined with the typical charge by a consumer's own bank for an out-of-network withdrawal — $1.57, up 11 percent — the average cost per transaction now stands at a whopping $4.07.

And for the first time ever, all financial institutions surveyed by Bankrate.com reported charging non-customers for ATM transactions.

Other checking account expenses — such as maintenance fees and non-sufficient funds fees — also have risen, due in part to banks' response to new regulations capping overdraft fees.

Do you think it's time regulators stepped in again and capped these fees, or is over-regulation partly responsible for driving up other fees in the first place? Tell us in the comments section below.

JeffA September 28, 2012 at 02:52 PM
Nope. We all have choices. I don't know the last time I paid an ATM fee. I get money at my bank and if my bank isn't available, I buy a pack of gum at the grocery store, use my debit card and get cash back. I don't go to a bar with no cash and use their ATM - I'm prepared.

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