BankRate.com released a new survey regarding the fees that customers are paying on average to banks and found that some of the largest banks in the United States are charging their customers record fees for out-of-network ATMs, checking accounts and overdrafts.
According to the survey, ATM fees have risen over the last three consecutive years. In 2009, the average fee that customers were paying to use an out-of-network ATM rose to 3.54%, which represents a 16% increase in the last five years. This statistic includes fees charged at the ATM by the bank that owns the ATM as well as the customer’s bank.
The survey also found that consumers are now paying an average of $12.55 per month for interest bearing checking accounts, which represents a 3.5% increase since 2004. The average fee that consumers have had to pay for a bounced check fee for bounced-checks in 2009 was $29.58, which is actually a bit lower than the inflation-adjusted high of $29.73 that customers paid in 2005
A different survey released this year by Consumer Action, said that late fees increase by 9% in 2009 compared to 2008, to an average of $28.19. Consumer Action’s survey also reported that balance-transfer fees are increasing, as well as interest rates on new and existing customers.
The American Bankers Association, the leading trade group of major banks, has stated that the majority of the customers are not paying any bank fees at all. The ABA cites a survey stating that 52% of consumers pay nothing for checking account maintenance fees and ATM use. Another ABA survey revealed that 17% of customers will pay an overdraft fee over the course of any 12 month period.
