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Automated Teller Machines: Survey Results Indicate Banks' Surcharge Fees Have Increased

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Report Type Reports and Testimonies
Report Date July 15, 1998
Report No. T-GGD-98-171
Subject
Summary:

This testimony, based on an April 1998 report (GAO/GGD-98-101), summarizes a statistically representative survey of about 500 randomly selected banks throughout the United States that provided information on automated teller machine (ATM) deployment and surcharge fees assessed by banks and thrifts. Between February 1, 1997, and February 1, 1998, the number of ATMs operated by banks increased by about 13 percent, to an estimated 132,000. About 66 percent of this growth was in ATMs located off bank premises. According to the survey results, the percentage of banks operating ATMs that assessed surcharges increased from 39 percent as of February 1, 1997, to 64 percent as of a year later. Also, the estimated number of ATMs with surcharges increased by more than 50 percent during the same period. Estimates indicated that the average surcharge fee assessed by banks (including in the calculation the ATMs without surcharges) increased from $0.69 to $1.00 during the one-year period surveyed.

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