Search
Man using a ATM
Getty Images

Big Banks Made a Ton of Money Last Year From ATM and Overdraft Fees

Feb 23, 2017

ATM and overdraft fees cost Americans dearly in 2016.

The nation's three largest banks — JPMorgan Chase, Bank of America, and Wells Fargo — collected more than $6.4 billion in such charges last year, according to an analysis from CNN.

The total sum resulted in an average of more than $25 in fees for every American adult. And the cost isn't showing any signs of decline. 2015's CNN report just topped $6 billion, which means ATM and overdraft fees have risen about $300 million in the span of a year.

For customers, finding an ATM that belongs to their bank can sometimes be inconvenient, leaving some users with little choice but to withdraw funds from an "out-of-network" machine. The average ATM fee is now $4.57, according to a survey from Bankrate.

All products and services featured are based solely on editorial selection. MONEY may receive compensation for some links to products and services on this website.

Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions