Following MoneyRates.com research that has documented the rise of ATM fees, a new government report confirms that bank customers are paying more to access their funds at these machines.
According to a U.S. Government Accountability Office report released this month, some customers are paying ATM fees as high as $5 per transaction. But banks may be inclined to argue that these fees aren’t out of line, as the GAO report also indicates financial institutions are paying more to maintain ATMs and the revenue from these machines is declining.
More ATM fee increases may be coming
When adjusted for inflation, the average ATM fee in 2007 was $1.75. That amount has risen over the last five years to reach $2.10 in 2012. Overall, ATM fees at machines surveyed by GAO ranged from 45 cents to $5.
Those numbers were for ATMs operated by financial institutions. Independent ATMs had slightly higher fees, with an average of $2.24 in 2012. Fees at these machines ranged from $1.50 to $3.00.continue reading »