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Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.

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Higher ATM Fees & Paper Statement Fees at PNC, US Bank & Citizens Bank

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Checking account fees are going up especially at large banks. Banks are blaming new regulations such as the debit card regulation that takes effect in October. However, when deposit rates are so low while loan rates have remain fairly high, it's hard to feel sorry for the banks.

Two common fees that have been going up are foreign ATM fees and paper statement fees. Foreign ATM fees are the fees that your bank charges when you use other banks' ATMs. This doesn't include the fee charged by the ATM owner. Many banks are pushing customers into online statements. If you prefer paper statements, you'll have to be careful to ensure your bank doesn't start charging you.

Three large banks increasing the above fees include PNC, US Bank and Citizens Bank. Credit for this information goes to Mary Morgan at Financial Shop Solutions.

At PNC Bank, higher fees are taking effect in September. Foreign ATM transaction fees are increasing from $2 to $2.50. The fee for check images with paper statements is going up from $2 to $3.

At US Bank, higher fees took effect in June. Like PNC, ATM foreign transaction fees increased from $2 to $2.50. Paper statement fees went up $2.

Citizens Bank has slowly been increasing fees since 2010. Foreign ATM transaction fees have gone up from $2 to $3, and they are no longer waived with package accounts. Paper statements are no longer free. They now cost at least $2. The fee for check images with paper statement increased from $1 to $3, and the fee for check enclosures with paper statement went up from $2 to $5.

For the serious savers, these fees are probably not worrisome. You can avoid ATM fees by ensuring you only use your bank's ATMs. Enrolling for online statements can eliminate paper statement fees.

If you use ATMs a lot or if you prefer paper statements, you should consider banks or credit unions that are more friendly on these fees. Ally Bank is a good one. It automatically reimburses ATM fees in the U.S. charged by other banks at the end of monthly statement period. Also, Ally Bank still mails paper statements without a fee. You can set the statement option to paper or electronic when you're logged into your account.

How important is free ATMs and paper statements to you?


  Tags: PNC Bank, US Bank (OH), RBS Citizens, National Association, checking account

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Comments
14 Comments.
Comment #1 by SUBJECT VERB MASTER MAN (anonymous) posted on
SUBJECT VERB MASTER MAN
"The fee for check images with paper statements are going up from $2 to $3."

The fee for check images with paper statements IS going up from $2 to $3.

3
Comment #2 by KenBDG posted on
KenBDG
Typo corrected. Thanks.

3
Comment #3 by Anonymous posted on
Anonymous
"loan rates have remained fairly high... "  I stopped reading the article right there.  How can a "journalist" not know that rates are at historic lows, including rates to borrow.   Clearly Ken has an ax to grind with banks.

1
Comment #4 by Jo (anonymous) posted on
Jo
Really now, Ken. You have an ax to grind? Well, hope you don't mind that I join you there. I'll bring along my hatchet, too, since after all, this has become such a hatchet job. <cackle>

I bank both with USAA and Aspire FCU (based in New Jersey/is Kasasa checking/savings). Both refund ATM fees and Aspire FCU automatically deposits the refunds in my savings account. I don't miss the money at all. Free checking at both institutions, no need for paper statements, and personally, I'm glad they do charge for the paper form. Less paper; less trash.

I closed my checking account at US Bank (I've had this account since I worked for them a few years back but no longer need it) because now they charge $6.95 a month for "maintenance." <eyeroll> The way to avoid that fee is to make a monthly deposit of $500 or greater.

As for blaming it on the new regs, that's a very lame excuse. Those fees would have taken place regardless. Before it was all about finding accounts that earned the most interest. Now it's avoiding those that charges any and all manner of fees unless one is willing to jump through hoops.

Why do I envision a puppy going round and round chasing its tail without any results.

2
Comment #8 by ichaelm (anonymous) posted on
ichaelm
To #5  I and the great majority of us, think this is an outstanding blog. Probably the best online resource for info about consumer banking. If you don't like it, then why do you read it?

5
Comment #11 by sans trebob (anonymous) posted on
sans trebob
liberal and proud of it how rude and derisive  5

1
Comment #13 by glass house (anonymous) posted on
glass house
this site has a percent of people who contribute less than nothing like throwing stones and then run away

1
Comment #16 by you got that right (anonymous) posted on
you got that right
hay 15 retired at 49 and enjoy life to the fullest by the way  live in the big apple  thats new york for you wannabe erudiates

1
Comment #18 by Robert (anonymous) posted on
Robert
Ken....Have you considered the low demand for all loans that community banks rely on for income.  Supply is there, demand is not and bank loan rates are historically low.  The regulatory burden imposed on banks along with FDIC premiums increasing (even if that bank is sound but has to help pay for other bank losses) along with many other increasing costs...community banks are having a hard time.  Also with the losses of jobs and the devaluation of collateral banks are taking a beating.

Please look a little deeper in the future before making judgements.

2
Comment #19 by Anonymous posted on
Anonymous
I rarely use ATMs so any fee increase doesn't affect me.  I do agree that mailed paper statements often end up being trashed or shredded so why waste the printing and postage costs?  The problem with electronic statements is the tendency not to bother to monitor and view them.  And if the account owner falls into a coma or is incapacitated, the other family members will not have a clue as to the account status or information on it.  This latter chance of occurring is very slim, but if it does, is the saving of paper and postage costs worth it to the person owns the account?

1
Comment #21 by Anonymous posted on
Anonymous
Suntruat has gone from free checking to a 6 dollar Maintenance fee. I was just informed by them. Wonder if I can charge my clients 100% increase for maintenance fees.

1
Comment #22 by Nick (anonymous) posted on
Nick
Citizens Bank has gotten real bad.  Not only have they added those fees but they have eliminated any fee waivers that had been in place.  I had a free "Circle Checking" account (normally requiring a $5k minimum balance) since there was a branch in my office building.  However, that was eliminated in June, which would have resulted in a $15 monthly fee.  I closed the account the day I saw the notice on my statement.

2
Comment #25 by Anonymous posted on
Anonymous
Thank you Ken!  I really appreciate you cleaning up all the garbage off-topic posts that would otherwise waste my time.

4
Comment #31 by Anonymous posted on
Anonymous
I JUST NOW DISCOVERED THAT MY BANK (US BANK) CHARGES AN ATM FEE JUST FOR CHECKING MY BALANCE ON A FOREIGN ATM MACHINE!!!  $2.50 PER INCIDENT.  I CAN'T BELIEVE THESE **** HOLES WOULD CHARGE YOU TO CHECK YOUR BALANCE!  LETS FACE IT, IT ISN'T LIKE SOMEONE INSIDE THE MACHINE HAS TO GET UP AND DO ANYTHING!  SO JUST AN FYI, IF ANYONE HASN'T CAUGHT ON TO THIS, AND YOU WANT TO CHECK YOUR ACCOUNT BALANCE, CALL THEM!!!  I AM SURE THEY WILL FIGURE A WAY TO CHARGE YOU FOR THAT EVENTIALLY.

1