ATM Fees Rise as Banks Feel Funding Squeeze
Some banks are saying so-long to the standard $3 fee as they seek to re-coup lost revenue from debit cards and overdraft charges due to federal regulatory changes, the report notes.
Banks brought home a sizable $7.1 billion last year from ATM transaction fees. And of that multi-billion-dollar bonanza, $3 billion was collected by banks whose customers used another institution's ATM, the report notes.
As more banks are expected to weigh in with higher ATM fees, frequent ATM users may switch to institutions that have the largest network of cash-dispensing machines. Savvy consumers may also opt to double down when at checkout stands that allow them to get cash back when making a purchase, minimizing the impact of the non-customer ATM fee.