SunTrust announced its plan to hike the fee for using out-of-network ATM from $2 to $2.50. According to the updates fee of schedule, the fee increase will be in effect from May 1, 2014 for all withdrawals, balance inquiry, or transfer from a non-SunTrust ATM machine within the U.S.
Transactions at non-SunTrust ATM networks located outside the U.S. will stay the same at $5 per each use. You will also be responsible for any fees charged by the ATM operator that may also add a surcharge to the amount of the withdrawal or charge a fee for a balance inquiry even if the transfer or withdrawal is not completed.
Note that SunTrust ATM fees do not apply to Signature Advantage Banking accounts, as all transactions done at non-SunTrust ATMs are waived and all ATM surcharge fees will be refunded for this account.
SunTrust isn’t the first bank to raise their out-of-network ATM fee within the last six months. In addition to Bank of America’s announcement to increase their fees from $2 to $2.50 last November, Citibank recently updated their fee schedule to reflect the fee increase that will be taking place next month.
Currently at the top 10 banks in America, the average fee for the out-of-network ATM withdrawal is $2.35. Even after the increase at SunTrust bank, the highest withdrawal fee is at TD Bank where they charge $3 for each withdrawal, transfer and balance inquiry conducted at a non-TD ATM. Banks like Chase and Capital One will continue to charge $2 — which is the lowest fee offered for this transaction at the 10 biggest banks in America.
After this fee hike, SunTrust will no longer be among the banks to offer the lowest fees to its customers for out-of-network ATM transactions. Regarding this change, SunTrust spokesperson Hugh Suhr commented: “We evaluate the pricing of our products and services on an ongoing basis and make adjustments as necessary based on many factors including, but not limited to, the competitive marketplace and our costs associated with providing those services.”
For SunTrust customers who frequently use out-of-network ATMs, you may want to consider switching to another checking account or review your financial habits to make adjustments for the change. Another way to avoid this fee is to know the locations of qualifying SunTrust ATM machines, as it has a network of nearly 2,900 ATM machines around the country.