This story was delivered to BI Intelligence " Payments Briefing " subscribers. To learn more and subscribe, please click here . The average fee assessed to consumers for using an ATM not affiliated with their bank decreased slightly, according to the latest edition of the semi-annual MoneyRates Bank Fees Survey . When consumers use an out-of-network ATM, they’re typically assessed two fees: one from the customer’s own bank, and one from the ATM operator. Both of those fees, which had previously been trending higher, declined slightly since the previous edition of the survey, published in March: The fee assessed by a customer’s own bank is now $1.60, down 13¢. And the average fee that banks or ATM operators charge non-customers dropped by 7¢, to $2.80 overall. Customers are using ATMs less frequently, particularly when they’re out-of-network.Millennials still like to use cash — a survey from BI Intelligence , Business Insider’s premium research service, found that 44% of millennials would be unwilling to stop using cash, even if electronic payments could replace all cash transactions. But when they use ATMs, just 33% use ATMs outside of their bank’s network, indicating that when this population does use cash, they’re unwilling to pay a premium for it. That could be leading to declines in non-bank ATM usage over time, which might be prompting banks and ATM operators to lower their fees in order to bring customers back. A new court case could cause further declines going forward. The US Supreme Court recently announced plans to hear appeals from Visa, Mastercard, and major banks in a case accusing those parties of implementing ATM fee structures that prevent fee competition. The plaintiffs in the suit believe that Visa, Mastercard, and major banks colluded to prevent ATM operators from passing on cost savings from non-Visa […]
