For many people, using an ATM is a simple and convenient way to access their money. However, some banks now charge a fee for using an ATM that is not affiliated with their institution. This fee, known as an ATM surcharge, can range from a few cents to several dollars. While the exact amount may vary depending on the bank, the surcharge is typically assessed per transaction.
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Data for today’s episode is provided by Mercator Advisory Group’s report – North American PaymentInsights, U.S. – ATMs: No Fee for Me.
3 out of 4 Americans Will Do Anything to Avoid an ATM Surcharge:
- 75% of respondents claim they would do “anything” to avoid an ATM surcharge.
- 61% of US consumers “actively seek out ATMs that are surcharge-free.
- 39% of US consumers claim they “have never paid an ATM surcharge”.
- 32% of US consumers are “willing to pay ATM surcharges in order to use a convenient machine.”
- 1 in 4 US consumers doesn’t pay ATM charges because their bank reimburses them.
- 19% of 18-34 year olds are willing to use a ‘not bank-branded’ ATM in-store.
- 55+ year old consumers are the least likely to use ATMs other than their own banks’.
About Report
Mercator Advisory Group’s most recent consumer survey report, ATMs: No Fee for Me, from the 2019 Technology Survey of the bi-annual North American PaymentsInsights series, examines U.S. consumers’ current use of and perspective on ATMs.
The report, which is based on an online panel survey administered to 3,006 U.S. adults in November-December 2019, presents results from questions exploring how adults in the United States use ATMs for cash withdrawals, deposits, and other transaction types. It also presents data on their opinions about paying ATM fees and methods of authenticating users at the ATM.
