Troubled Banks Have a New Benefactor: You
Industry hikes fees on checking accounts, overdraft transactions
By Wesley Oliver,  Newser Staff
Posted Jun 28, 2009 11:31 AM CDT
Banks are hiking fees on consumers who maintain a checking account, overdraft their account, or use non-affiliated ATMs.   (Shutter Stock)
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(Newser) – Your children aren’t the only ones who think you’re an ATM: Your bank does, too. Facing declining revenues and smacked with tough, new credit card legislation from Congress, banks are hiking overdraft, ATM, and checking account fees, the Washington Post reports. The average bounced check fee rose 2.5% from 2007 to nearly $30, while the average ATM surcharge climbed 10% to $2.

With overdraft revenues poised to earn banks $38.5 billion, Washington is threatening tougher rules. But, notes one analyst, "the most consistent increases have been seen on bounced check charges and ATM fees, and those are the two categories of fees that are easiest to avoid." He urges consumers to be proactive: “You can take a break from Facebook for 5 minutes and check your available account balance.”