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'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for October 2014
Peace:
That the Lord may grant peace to those parts of the world most battered by war and violence.
World Mission Day: That World Mission Day may rekindle in every believer zeal for carrying the Gospel into all the world.



Comments


More Business & Economics

Is it a sign of impending collapse? Financial savant Warren Buffett loses two billion in stock market Watch

Image of Warren Buffett recently lost $2 billion from investments in Coke and IBM, which have led some to believe that a stock market slowdown might be imminent.

By Catholic Online (NEWS CONSORTIUM)

Warren Buffett, the man known for focusing on long-term investment performance as apposed to making the quick buck, has lost $2 million in investments. LOS ANGELES, CA (Catholic Online) - Buffett owned Berkshire Hathaway investment house has large investments in ... continue reading


Christmas shopping in October? Apparently it's becoming a big deal Watch

Image of Shoppers are already out, despite the fact Halloween hasn't even arrived.

By Catholic Online (NEWS CONSORTIUM)

Shoppers are starting early with October 5 being declared by retailers as "Stock Up Saturday." Consumers are already Christmas shopping which means more of the revenue available to retailers will be harvested earlier in the shopping season. For retailers that choose to ... continue reading


List of Top 20 World Brands - Apple tops Google as world's leading brand for second time in row Watch

Image of The Apple Watch has enjoyed success in numerous fashion circles, featured on the cover of Vogue, among others.

By Catholic Online (NEWS CONSORTIUM)

Apple has topped Google as the world's most valuable brand for the second year in a row. The two companies are the only brands to be valued at more than $100 billion, according to the annual Best Global Brands report. LOS ANGELES, CA (Catholic Online) - ... continue reading


Here they come! China passes U.S. economy based on purchase power Watch

Image of Under President Obama's administration, China may surpass the U.S. economy.

By Catholic Online (NEWS CONSORTIUM)

The International Monetary Fund (IMF) has reported that China has overtaken the United States and is now the world's largest economy, at least based on purchasing power parity (PPP). LOS ANGELES, CA (Catholic Online) - The IMF said that by the end of 2014, China ... continue reading


Rosie the Riveter would cry: Record 55,553,000 women not participating in U.S. workforce Watch

Image of The strides made by women in the workplace sadly isn't reflected in recent job statistics.

By Catholic Online (NEWS CONSORTIUM)

The strides made by women in the workplace seems to have gone up in smoke across the United States. The determined visage of Rosie the Riveter during World War II to women taking the place of men in hard industry - declaring "We can do it!" would certainly shed ... continue reading


400 wealthiest Americans now worth cumulative $2.3 TRILLION Watch

Image of Facebook founder Mark Zuckerberg has finally cracked America's most wealthy top ten at tenth place.

By Catholic Online (NEWS CONSORTIUM)

The rich, indeed get richer -- America's wealthiest are worth more than ever before. The United States' top 400 billionaires are now worth a dazzling $2.3 trillion, according to the latest edition of the Forbes 400. LOS ANGELES, CA (Catholic Online) - It comes ... continue reading


Record debt coupled with slow growth point to economic crisis, Geneva Report says Watch

Image of The Geneva Report says the rapid rise of public sector debt in rich countries and private debt in emerging markets, especially China, may lead to0 fresh economic crisis.

By Catholic Online (NEWS CONSORTIUM)

Record debt and slowing economic growth suggest the global economy could be heading for another crisis, the 16th annual Geneva Report warns. Commissioned by the International Center for Monetary and Banking Studies, the report predicts interest rates across the ... continue reading


Walmart to enter banking world with low-cost checking accounts Watch

Image of Walmart has been eying financial services for some time now.

By Catholic Online (NEWS CONSORTIUM)

Walmart is making its biggest venture into the banking world after several failed attempts in the past. The nation's largest retailer is joining Green Dot, already known for its prepaid payment cards, to supply checking accounts to nearly everyone over 18 years ... continue reading


The Chinese are coming! E-commerce giant Alibaba cleans house with its initial public offering Watch

Image of Chinese e-commerce giant Alibaba has raised more than $21 billion with its IPO, with stocks priced at $68 per share, signaling a strong demand for the tech-giant.

By Catholic Online (NEWS CONSORTIUM)

The Chinese e-commerce giant Alibaba has made the largest U.S.-listed initial public offering (IPO) of all time, with stocks priced at $68 per share, signaling a strong demand. LOS ANGELES, CA (Catholic Online) - Only large investors, like hedge funds, can ... continue reading


Bottom of the Barrel - Thanks to business tax, the U.S. is Number 32 in the world Watch

Image of A competitive tax code is one that limits the taxation of businesses and investment. Since capital is mobile and businesses can choose where to invest, tax rates that are too high

By Catholic Online (NEWS CONSORTIUM)

A new international ranking shows that the U.S. tax burden on business is close to the worst in the industrialized world. So says the Wall Street Journal, the nation's leading journal on business. The White House and Sen. Charles Schumer (D., N.Y.) will attempt ... 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, Ephesians 4:1-6
1 I, the prisoner in the Lord, urge you therefore to ... Read More

Psalm, Psalms 24:1-2, 3-4, 5-6
1 [Psalm Of David] To Yahweh belong the earth and all ... Read More

Gospel, Luke 12:54-59
54 He said again to the crowds, 'When you see a cloud ... Read More

Saint of the Day

Saint of the Day for October 24th, 2014 Image

St. Anthony Mary Claret
October 24: Claretian archbishop and founder. Anthony was born in Salient in ... 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