WASHINGTON, April 1, 1999 -- ATMs were supposed to save banks money, right? So why is it that the fees banks charge us to use their ATMs keep going up? Good question.
A survey released by the U.S. Public Interest Research Group finds that more than 90 percent of banks charge customers for using an ATM machine that doesn't belong to their own bank. That's up from 71 percent a year ago -- and it adds up to big bucks, $2.1 billion annually.
The surcharges averaged $1.42 for large banks, $1.30 for small banks and 98 cents for credit unions. The surcharges are paid to the bank operating the automatic teller machine and come on top of the fees customers pay to their own banks when they use another bank's ATM.
Ed Mierzwinski, the group's consumer program director, called it "an outrageous example of gouging" and said, "Consumers should not be charged twice to use the ATM only once."
"Banks raise fees, invent new fees and make it harder for consumers to avoid fees," Mierzwinski said.
Congress is considering legislation that would limit ATM surcharges, or at least require better disclosure.
