Overdraft bank fees have been public enemy number one for American consumers, but apparently, there’s a new villain in town: ATM fees. More than a quarter (26%) of Americans are more angry about having to pay ATM fees than they are overdraft fees (24%), according to the latest ING DIRECT USA survey. ING DIRECT, the nation’s largest direct bank, also announced today five easy steps consumers can take to avoid ATM fees.
The survey says that despite Americans’ anger, one in five ATM users (20%) are charged a fee at least once a month for using an ATM not affiliated with their bank’s network. Of those, three in five (59%) paid on average $2.00 or more in ATM fees when they withdrew money. On a withdrawal of $40, which is the median according to the survey, consumers charged a $2.00 fee about once a month could end up spending more than $1,200 in ATM fees over the next 50 years.
“Losing just a few dollars to ATM fees can quickly add up to hundreds of dollars during your financial life,” says Arkadi Kuhlmann, president of ING DIRECT USA. “Americans need to know the ways to avoid ATM fees so that using their money doesn’t cost them even more money.”
Earlier this year, 94% of parents said they are primarily responsible for educating their children about money(1). Yet some parents appear to be struggling to lead by example.
About 3 in 10 parents (28%) who use an ATM incur ATM fees at least once a month, nearly double that of Americans without children (16%).
60% of parents who have been charged an ATM fee were charged $2.00 or more for these ATM withdrawals.22% of parents with children under six years old who have been charged an ATM fee are being charged $3.00 or more for these ATM withdrawals.
Two-thirds (67%) of Americans who have been charged an ATM fee blame banks for “nickel and diming” them while just 33% blame themselves for “poor planning.” Yet there are ways to avoid these charges. ING DIRECT, which offers free access to over 35,000 ATMs through the Allpoint(TM) network, has developed five tips to help Americans put the squeeze on ATM fees and save money.
D.C.