$3 ATM Fees? Banks Increase the Price of Your Money [View All]

[Celebration]

Somehow I missed this bit of news. I guess this is the strategy to rebuild bank reserves. Sigh.

http://www.abcnews.go.com/GMA/story?id=4196835

Consumers who rely on ATMs for quick cash access may find that getting their money actually costs them more as banks raise their ATM fees. The financial institutions, which already generate $10 billion a year in revenue from what they charge people for accessing their accounts from other banks' ATMs, have increased the fees in response to a poorer economy.

One expert said banks are relying on consumers to get them through the weak economic time.

"They're looking for ways to make up for the losses and nickel and diming appears to be the only way they can do it," Consumer Affairs analyst Joseph Enoch said.

Today, the average ATM fee is $1.78, while five years ago it cost a little more than a $1 to retrieve money from a bank with which you didn't have an account.