WSJ nicely summarizes Bankrate's checking account survey. I guess I cannot complain. First, I only get charged for ATM fees less than five times a year, and second, I own stocks in major financial institutions like Citigroup (C), Bank of America (BAC) and JP Morgan (JPM). It is good to see they are gradually testing people's tolerance of excessive fees. Once the short-term rate goes down, more profit will come from these big banks.

The cost of using another bank's automated teller machine rose four cents to a record average high of $1.64, with 98% of banks charging a fee for noncustomers who use their ATMs, according to a survey by Bankrate.com released yesterday. Meanwhile, the average fee for bouncing a check hit a new average high of $27.40 for each occurrence, up from $27.04 earlier this year, according to Bankrate.com, whose semiannual study surveyed 462 accounts from banks and thrifts in 25 large markets.

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The moves come at a time when banks' profits are under pressure, forcing them to increasingly rely on more fee revenue and look for ways to boost the attractiveness of their checking accounts. More banks are dropping ATM fees and adding other perks, such as overdraft fee waivers, to lure customers to switch. In March, for example, Washington Mutual Inc. rolled out an enhanced version of its free checking account that eliminates the ATM fees that it would charge customers for using other banks' ATMs, although customers may still incur a charge from the outside bank.