Some banking fees have come down significantly, but ATM fees are back on the rise, a new report finds.
The average ATM fee rose to $3.15, marking the 22record high in 25 years, Bankrate found, based on data from non-interest and interest accounts and the surcharges that go along with them. When factoring in the combined fees for using an out-of-network ATM, the average fee is $4.73, also a fresh high.
On the upside, overdraft fees and non-sufficient funds fees are now significantly lower. The average overdraft fee fell 11% to $26.61 from last year's average of $29.80, while non-sufficient funds fees hit an all-time low of $19.94, on average, according to Bankrate. However, few banks have done away with them altogether: 91% of banks still charge overdraft and 70% charge non-sufficient funds fees, Bankrate also found.
Last month, the CFPB ordered Bank of America to pay more than $100 million to its customers and $150 million in penalties for"Despite recent progress in addressing overdraft fees, the job is far from complete," said Nadine Chabrier, the Center for Responsible Lending's senior policy counsel, in a statement.While free checking accounts are widely available, many banking customers are encountering monthly service fees and rising balance requirements, Bankrate found.
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