Banks are hiking ATM fees to record levels and cutting back on free checking accounts, according to an industry report issued Monday.
The financial research firm Bankrate.com said ATM surcharges -- the foreign fee charged when you use a machine that isn't your bank's -- rose for the eighth straight year, up to 4% to a record high of $2.50.
In addition, the fee your bank charges to use another bank's ATM rose 11% to $1.57. So for many customers, using an ATM from a competing bank costs $4.07, an increase of 7% and a record.
CNN reports there is more bad news for consumers. Bankrate.com also found that 39% of non-interest checking accounts provided by U.S. banks are free of charge to all customers. That's compared to 45% last year and a peak of 76% in 2009, according to Bankrate.com.