MADISON, Wis. (9/30/14)--While credit unions continue to charge small or no fees for ATM transactions, banks have pumped up their fees to record highs, according to a recent survey from Bankrate.com.
Among the big banks polled, the average surcharge for non-customers who use their ATMs jumped 6.5% this year up to a record of $2.77.
Banks also charge their customers who get cash from ATMs outside of their networks an average of $1.58 per transaction, also a new high. That means consumers could have to fork over an average of $4.35 per transaction every time they use a bank ATM outside of their bank's system.
Meanwhile, of those credit unions who charge fees for using ATMs outside of the institution's network, the median fee charged sits much lower at about $1, according to the Credit Union National Association's 2013-14 fees report.
Further, only about 6.5% of all credit unions charge transaction fees on ATMs they own. Credit unions charge a median fee of $1 for non-owned ATMs as well.
"Data from every market research firm tracking financial institution pricing reflects the same fact: Credit unions generally charge their members lower fees, lower rates on loans, and higher yields on deposits than those available at banking institutions," Mike Schenk, CUNA vice president of economics and statistics, told News Now.
"Any consumer shopping for financial products and services would do well to include credit unions in that process," Schenk added. "That's one of the many reasons an increasing number of consumers are recognizing credit unions as their best financial partner."
Many credit unions allow free transactions before assessing a fee for using an owned or non-owned ATM. The majority provide about five or six free transactions before assessing a fee, according to CUNA numbers.