Tampa has fifth lowest ATM fees, free checking rarer, other fees continue to soar

TAMPA - Tampa may have the fifth lowest ATM surcharges in America, but the city hasn’t escaped the U.S. trend of increased ATM fees and other checking account fees, according to Bankrate.com’s annual checking survey.

Tampa’s average ATM charge is $2.36 compared to the national average of $2.50, however, it’s the eighth straight year that the average has increased.

Most banks also charge their customers for using another company’s ATM. This fee has jumped nationally 11 percent to $1.57, and Tampa isn’t far behind at $1.53.

Overdraft fees and monthly service fees also continue to rise, and only 39 percent of non-interest checking accounts in the survey were free of charge, down from 45 percent last year.

“Checking accounts that are free on a standalone basis continue to diminish. But a free checking account is still within reach of the majority of Americans, whether by getting the fee waived through direct deposit or moving to a bank or credit union that still offers free checking,” said Greg McBride, CFA, Bankrate.com’s senior financial analyst.

The cause of the fee jumps is the banking industry’s response to new regulations that limit consumer overdraft fees and limit the debit card swipe fees for retailers, research analyst Eben Jose told Bankrate.

Read more here: http://on.mktw.net/Vx3x5R