Bank Fees Rise to Record Levels

(CNN) — ATM fees are rising to new levels as banks cut back on free checking accounts.

Financial research firm Bankrate says ATM surcharges rose four percent, hitting a record high of $2.50.

It’s the eighth straight year these fees are up.

The charge for using another bank’s ATM rose 11 percent to $1.57.

Bankrate also found less than half of U.S. banks offer free non-interest checking accounts..

Financial analysts say restrictions on overdraft charges and limits on swipe fees from debit cards are the reason for the changes.