According to our friends over at Bankrate.com, ATM fees climbed to an average of a whopping $2.33 per transaction in 2010, a new high for consumers. It’s not difficult to get caught spending $10 a week on ATM fees, and that expense adds up to over $500 a year in charges. Most banks and credit unions maintain that these fees are necessary for their daily operations but some studies suggest that these transactions only really cost financial institutions a measly 36 cents.
2010 saw the failure of a federal amendment that would’ve capped ATM fees at 50 cents, so don’t expect them to disappear anytime soon—at least not by law. With banks making $4.4 billion dollars off of bank ATM fees in 2007 alone, it probably won’t be due to the random kindness of the financial industry.
We recommend doing business with a financial institution like Ally Bank that has no nationwide ATM fees. Since Ally Bank is an online bank without branches where you can withdraw money, we won’t charge you to use another bank’s ATM nationwide. And if that bank charges you for using their machine, we’ll even reimburse that cost. That means accessing your money doesn’t end up costing you money.
Isn’t that how it should be?