ING DIRECT, which bills itself as the "nation's largest bank and largest thrift," is pointing to a recent survey to show that ATM fees, not overdraft fees, most annoy U.S. consumers.
The survey was conducted online by Harris Interactive from Oct. 5-7, after the issue of overdraft fees really came to the public's attention. The survey firm surveyed 2,046 adults, 1,462 were ATM users.
The survey found that 20% of those surveyed paid a fee of, on average, $2.00 at least once a month when they withdrew money. On a withdrawal of $40, which is the median according to the survey, consumers charged a $2.00 fee about once a month could end up spending more than $1,200 in ATM fees over the next 50 years.
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"Losing just a few dollars to ATM fees can quickly add up to hundreds of dollars during your financial life," said Arkadi Kuhlmann, president of ING DIRECT USA. "Americans need to know the ways to avoid ATM fees so that using their money doesn't cost them even more money."
The bank said that 67% of those surveyed who have been charged an ATM fee blame banks for "nickel and diming" them while just 33% blame themselves for "poor planning" in not taking steps to limit their exposure to ATM fees. The bank suggested recommended selecting a financial institution with a significant surcharge free network or getting cash back at point of sale terminals.
One of the questions in the survey asked which bank fee angered them the most and the bank said 26% of those surveyed responded ATM fees and 24% responded overdraft fees.
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