SPEAK OUT: ATM, Checking Fees Hit Record Highs

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

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 site, 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 …

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