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That's according to several consumer groups citing the rising number of banks charging customers to speak with a teller, use a telephone for account information, or use ATM machines. According to an April, 1998 survey, 83% of big banks now surcharge for use of an ATM. That's an increase of 58% over a similar survey one year before. More and more banks are cutting transaction costs, especially through the use of the Internet. According to Gemini Consulting of Cambridge, a typical deposit with a teller costs banks $1.07 per transaction, compared to 27 cents at an ATM or one penny over the Internet. Publicly, banks like Fleet Financial Group, First Union Corp., and Wells Fargo & Co. have cited the fees as necessary to curb over-usage. But many experts are crying foul, citing monopolistic power by banks to charge more. What can you do to make sure you're not paying too much in bank charges? Here are some simple tips:
Probably the best advice is simple: check your bank statements diligently. If you see any bank charges that seem foreign, call them on it. Information from the Associated Press contributed to this report. Please contact SaveWealth for more information.
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October 6, 1998
