Have you noticed your checking account fees creeping up lately? According to a new report, they've never been more expensive.
The average fee for using an out-of-network ATM has risen 5 percent over the past year and 23 percent over the past five years, while the average overdraft fee has risen for the 16th consecutive year to hit $32.74, says a report by Bankrate.com released Monday.
Bankrate surveyed the 10 largest banks in the country’s biggest markets from July 10 to Aug. 6.
The average cost for using an ATM outside a bank customer’s network is $4.35 per transaction, marking an eighth consecutive annual increase, the report said.
“Punitive-type fees, such as ATM fees and overdraft fees, have shown the most consistent increases over time,” Greg McBride, Bankrate.com’s chief financial analyst, said in a statement. “While this trend is unlikely to reverse, consumers should recognize that ATM fees and overdraft fees can be avoided completely.”
Thirty-eight percent of non-interest checking accounts are completely free, down 76 percent from five years ago.