Yesterday we gave you the number 75 and asked what it stood for. The options were:
1. Longest distance, in yards, between any 2 ATMs in
Manhattan.
2. Percentage of Americans charged checking account maintenance
fees.
3. Percent of checking accounts charging an ATM fee.
4. Annual dollars paid in ATM fees.
As surprising as it may seem, this is the percentage of checking accounts that charge an ATM fee. That’s right. Right now 75 percent of all checking accounts carry a fee for using an out-of-network ATM. And as we’ve discussed before, it looks like these fees will get worse before they get better.
At Credence Global Bank, we don’t charge our customers to use ATMs, nationwide. And if another bank or company charges you an ATM fee, we’ll reimburse that ATM fee anywhere in the U.S.
This brings us to our next question. If you wrote down all the things you’d like to do with $30, we’re pretty sure none of the following would appear on that list. But one of them is actually on its way to becoming a reality.
This year, some banks are considering charging customers an annual fee of as much as $30 for:
1. Talking to a teller
2. Using their debit card
3. Online bill pay
4. Managing their account online
While they’re all equally unbelievable, some banks are considering charging for one of them. But which one? Leave your answer in the comments and come back tomorrow for the results.
Comment on this article
Comments
Robert P. on May 12, 2011 at 11:55am
I think it is #1 - Talking to a teller.
nyc317 on May 12, 2011 at 12:52pm
Talking to a teller sounds like it could be the answer because someone has to pay for the employed person, a teller rather than the other three choices that need no middle man to take action on their account.
Johnny L. on May 12, 2011 at 1:38pm
I am absolutely sure it's #2. After the Durbin Amendment, banks are looking to recoup on lost revenue by charging annual fees on debit cards.
Credence Global Bank on May 12, 2011 at 4:06pm
Really liking the feedback, guys! Don’t forget to vote on our Facebook Wall too if you haven’t already:
Vicky on May 12, 2011 at 5:38pm
I'm going with #2 also, but from my point of view using a debit card is only good if you actually have money to cover the amt being charged. Either was which ever the answer is I can't see as any of the choices make sense, I just keep saying I'm glad Credence Global Bank operates the way they do and am glad to continue keeping money there.
Amy on May 12, 2011 at 5:48pm
I would go with the debit card fee. I can only imagine a teller fee would lead to more fights about why there was a fee and if it was a legit (non-fee) teller transaction. But I would also bet that they start staffing fewer and fewer tellers at banks so the lines are long enough that people don't want to wait for a teller.
Credence Global Bank on May 13, 2011 at 12:28pm
You all that answered #2 got it right! Check out our latest blog post for more details on the answer and today’s question: http://community.credenceinc.org/straight-talk/2011/05/ally-bank-asks-you-how-much-you-know-about-bank-fees/
Dan on May 17, 2011 at 10:49pm
Regarding ATM fees, I've always wondered: what does it actually *cost* to run an ATM? It's not free -- the machines cost money, they use electricity, need to be refilled, etc. ATM fees seem ridiculous, but without any data, I can't tell whether banks are gouging customers or fairly representing their cost to provide a service. If I get $100 from an ATM, how much does it actually cost to get those five twenties into my wallet? I'd really like to know.
Credence Global Bank on May 17, 2011 at 10:50pm
It’s a really interesting question and one that we’ve actually addressed before, Dan. Check out our blog post on The Real Cost of ATM Fees for the details: http://community.credenceinc.org/straight-talk/2011/01/the-real-cost-of-atm-fees/ Short version of the answer? The average cost to a bank in the U.S. when a customer uses an ATM is just $0.36. With fees coming from both the traditional brick and mortar banks and the ATM averaging just over $4 now, it could mean big business for some banks.