Get Away From It All--Except Fees

Summer vacationers could end up with a few unwanted souvenirs if they’re not careful with their travel finances.

For every ATM trip, any time a limit is exceeded or a check bounces, they’re likely to incur a fee.

The tab can add up quickly if consumers opt to leave their cash at home as they hit the beaches, theme parks or mountain resorts.

“Gasoline prices may not be going up . . . but the cost of getting money is,” said Robert K. Heady, publisher of Bank Rate Monitor, a North Palm Beach, Fla., publication that tracks industry trends. “Banks are making a killing off fee income everywhere you look.”

The most noticeable increase may be at the 122,700 automated teller machines nationwide.

The two giant ATM systems--Visa’s Plus ATM Network and MasterCard-Cirrus’ ATM Network--now let financial institutions charge non-customers usage fees. The networks had prohibited surcharges, but began allowing them in April after 14 states overruled their ban.

The ATM surcharge--typically up to $2 per transaction--may be in addition to any fees your bank charges when you use another bank’s machine. They range from 25 cents to $2.

“That’s a double whammy,” Heady said.

A triple whammy can come when taking cash advances on credit cards, noted Ruth Susswein, executive director of Bank Card Holders of America in Salem, Va.

Not only might customers be subject to the ATM surcharge, but they could also be hit with a transaction fee and interest charges that begin as soon as cash is dispensed. Fees amount to 2% of the total transaction, or a maximum of $2; the interest rate could be as high as 19.9%.

“My advice is don’t take a cash advance. Period,” Susswein said.

Financial institutions contend the fees are necessary to offset the cost of doing business and to help pay for ongoing technological advances.