Mellody's Math: Avoid Bank Fees

June 28 -- If only savings rates were as high as the personal fees your bank charges, bank customers across the country would be rich with contentment and satisfaction.

However, in addition to the much-talked-about surcharge fees of automatic teller machines, or ATMs, the reality is banks are increasingly charging their customers for their checking and savings accounts.

In the Federal Reserve's most recent study of retail banks, charges rendered for checking accounts and ATM transactions were confirmed to be on the rise.

Furthermore, a record number of institutions are increasing their minimum-balance requirements for opening and maintaining an account, making it more likely for consumers to incur a fee if their account level dips below their imposed ceiling.

Does ATM ‘Mean Automatically Taking Money?’

As ATMs are popping up in convenience stores and corners everywhere in America, the fees associated with their use are becoming as automatic.

In fact, according to the Fed's study, 91 percent of banks and savings institutions now offer ATM services, with almost 89 percent of them levying some type of charge for using their machines.

The charges come in all different shapes and sizes. Some institutions charge their customers an annual fee to access their ATM, while others hit their customers with a fee for just issuing an ATM card.

In addition, a small percentage of banks charge their own customers a fee to withdraw cash from their own ATMs. These charges average 81 cents per transaction.

However, the most common charges associated with ATM transactions are for users who access the ATM of a financial institution other than their own. These fees frequently result in the user taking two hits — one from their own bank and the other, a surcharge, from the institution in which they are a non-customer.

The average surcharge levied at a bank that is not one's own institution is at an all-time high, $1.47.

Savings Tip: Just Debit It