Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

9/24/2012 (2 years ago)

Catholic Online (www.catholic.org)

Charges banks place on making transaction on competitor's ATMs rise as well

According to the financial research firm Bankrate.com, ATM surcharges, the fees banks charge in order to use ATMS are surging to record levels. In addition, more banks are cutting back on free checking accounts. Furthermore, the fee charged when you use a machine that isn't your bank's rose for the eighth straight year, up four percent, to a record high of $2.50.

The banking industry has lost income due to an increase in regulations, and that's made free checking accounts harder to find.

The banking industry has lost income due to an increase in regulations, and that's made free checking accounts harder to find.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

9/24/2012 (2 years ago)

Published in Business & Economics

Keywords: ATM, ATM fees, free checking, banks, consumers


LOS ANGELES, CA (Catholic Online) - The fee your bank charges to use another bank's ATM rose 11 percent to $1.57. Using an ATM from a competing bank for many customers now costs $4.07, an increase of seven percent -- and a record.

Banks traditionally provide ATMs for free to their own customers, but cover their costs by charging consumers who use out of network machines. Greg McBride, senior financial analyst for Bankrate.com says that many people are getting smarter about using only in-network ATMs, which means that the companies are scrambling to make up for that lost revenue.

There is even more bad news for consumers: Bankrate.com also found that 39 percent of non-interest checking accounts provided by U.S. banks are free of charge to all customers, in contrast to 45 percent last year and a peak of 76 percent in 2009.

McBride says the banking industry has lost income due to an increase in regulations, and that's made free checking accounts harder to find.

"Two regulatory changes in particular have cut the legs out from free checking, one putting restrictions on overdraft charges, and the other limiting swipe fees when a consumer uses a debit card," he said.

"Swipe fees" that retailers pay every time a customer uses a debit card were reduced last year, said McBride, which followed after regulations imposed in 2010 that placed limits on overdraft fees.

Swipe fees and overdraft fees helped underwrite the costs of free checking before the regulations were imposed, McBride said. The bank industry is now more selective with free checking accounts, usually providing them only to preferred customers, such as those with direct deposit accounts.

Cutbacks are predictably affecting customer behavior. The annual report found that 72 percent of customers would consider switching accounts if their fees were raised, an increase over 64 percent last year.

The report said that higher-income customers, with at least $75,000 in their accounts, were most likely to switch, with 82 percent saying they would consider changing banks if fees were raised.

.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for March 2015
Universal:
Scientists: That those involved in scientific research may serve the well-being of the whole human person.
Evangelization: Contribution of women: That the unique contribution of women to the life of the Church may be recognized always.



Comments


More Business & Economics

Oprah Winfrey sadly shuts down Harpo Studios forever Watch

Image of 61-year-old, Oprah Winfrey continues to play an active role in Hollywood, despite the ending of her talk show and now Harpo Studios.

By Abigail James (NEWS CONSORTIUM)

Oprah Winfrey is set to shut down production at her Chicago-based Harpo Studios by the end of 2015. After much thought, the billionaire mogul has decided production for her personal network OWN will be better done in Hollywood. LOS ANGELES, CA (Catholic Online) - The ... continue reading


SHINY, RED APPLE: Computer giant is now twice as big as world's second largest firm, ExxonMobil Watch

Image of Strong sales of the larger-screened iPhones resulted in the largest quarterly profit reported by a company, with device sales rising 29.5 percent in the final three months of 2014 to $74.6 billion,

By Catholic Online (NEWS CONSORTIUM)

How big is Apple? The creator of the iPhone and tablets is SO BIG that it is now currently twice as big as its second-closest rival, ExxonMobil. This is being reflected in the stock market, where shares in Apple jumped 2.7 percent at the start of the week to ... continue reading


WHERE IS YOUR MONEY GOING? Government collects $1 trillion from taxpayers - and there's still a deficit! Watch

Image of Where is all of our hard-earned money going?

By Catholic Online (NEWS CONSORTIUM)

Where is all of our hard-earned money going? Real federal tax revenues for the first time ever topped $1 trillion in the first four months of the fiscal year, October through January, according to data released Wednesday by the U.S. Treasury. LOS ANGELES, CA ... continue reading


80 MILLION Americans have their privacy invaded in Anthem data breach Watch

Image of An internal investigation, days later verified that the company was a victim of a cyber-attack, the company said, and federal authorities were alerted.

By Catholic Online (NEWS CONSORTIUM)

Insurance giant Anthem suffered a massive security breach when hackers broached computer safeguards and mad a wild data grab. Up to 80 million Americans have had their privacy effectively invaded, although authorities say more sensitive information was not ... continue reading


Electronic giant RadioShack files for bankruptcy - but will keep some stores open Watch

Image of The Chapter 11 filing, made in federal bankruptcy court in Delaware, surprised few. RadioShack had not turned a profit since 2011.

By Catholic Online (NEWS CONSORTIUM)

RadioShack, an iconic, 94-year-old electronics chain has filed for bankruptcy protection. The company has decided to sell up to 2,400 of its stores to the wireless service provider Sprint and a hedge fund that is its biggest shareholder. LOS ANGELES, CA ... continue reading


Is your bank account suffering? Here are 5 INCREDIBLY EASY TIPS on how to save money! Watch

Image of

By Abigail James (NEWS CONSORTIUM)

Saving money is not a simple task. It is hard to resist eating out or buying the hottest new music. How can your savings account grow when spending money is so easy in today's world? LOS ANGELES, CA (Catholic Online) - Whether you're planning on moving or looking to ... continue reading


Game over: Saudi Arabia threatens to increase oil production to dangerously drive America out of the oil market Watch

Image of America's rising oil production has threatened Opec's control of the global oil market, but Saudi Arabia may be striking back, upping its own production in order to drive costs beyond the ability of American oil corporations to compete.

By Matt Waterson (NEWS CONSORTIUM)

Despite the continuing decline of the price of oil, Saudi Arabia has actually increased its oil production in an attempt to gain a victory in the oil war against shale drillers in the United States. LOS ANGELES, CA (Catholic Online) - The Middle Eastern oil ... continue reading


Talk about a killer app! Apple posts largest profit in history of mankind Watch

Image of The iPhone 6, which has helped Apple post the record largest profit ever made by a corporation.

By Matt Waterson (NEWS CONSORTIUM)

Apple has sold 74.5 million iPhones in just the last three months, helping the tech giant's profits soar to $18 billion, up more than 37 percent. LOS ANGELES, CA (Catholic Online) - This is the largest profit ever made by a corporation, edging out the $16.2 billion ... continue reading


ECONOMIC EARTHQUAKE: IBM rumored to lay off 110,000 employees - biggest cull in business history Watch

Image of First reported on the Forbes Web site, IBM scoffed at the news. Representatives said that the reported scale of the job cuts

By Catholic Online (NEWS CONSORTIUM)

There are alarming indications that the largest corporate layoff in history may be near. There are rumors afoot that computer IBM plans to lay off 110,000 employees shortly. As their entire worldwide workforce is estimated at 430,000, this represents a quarter ... continue reading


Living on less than $2 dollars a day: Only 5 percent of global wealth belongs to the poorest 80 percent of the world Watch

Image of Millions of people around the world are living off of less than two dollars a day.

By Abigail James (NEWS CONSORTIUM)

The staggering increasing inequality among the wealthy and poor around the world continues to be a pressing issue. Eighty rich billionaires have as much money as 3.5 billion of the poorest people. LOS ANGELES, CA (Catholic Online) - The wealthy are occuring their ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Genesis 37:3-4, 12-13, 17-18
3 Jacob loved Joseph more than all his other sons, ... Read More

Psalm, Psalms 105:16-17, 18-19, 20-21
16 He called down famine on the land, he took away ... Read More

Gospel, Matthew 21:33-43, 45-46
33 'Listen to another parable. There was a man, a ... Read More

Saint of the Day

Saint of the Day for March 6th, 2015 Image

St. Colette
March 6: Colette was the daughter of a carpenter named DeBoilet at Corby ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter