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.”