During the last few years, Americans have spent slightly more than $4 billion in ATM fees. That number puts the average American’s expense at roughly $200 a year in fees. With banks aggressively recruiting student customers, especially towards the beginning of the year, it’s all the more important to recognize hidden fees and assess other options.

Bank of America, the nation’s largest bank-owned network, increased ATM fees from $2 to $3 for non-customers. That means that in addition to the fees that most banks charge for using another bank’s ATM, some users could pay more than $5 per withdrawal.

Although Bank of America has more than 17,000 ATM’s nationwide, only 10,700 of these will adopt the fee increase. While Bank of America ATM’s on college campuses will continue to be assessed the $2 fee, most others will go to the new, higher fee. The Bank of America in Lawrence is not on campus; it is located at 900 Ohio Street.

As pricey as it is, it is going to get worse. Those students who are frequent ATM users and plan on maneuvering their way around the fees by not using a Bank of America ATM are not going to have success for very long. Other banking institutions have stated that they would like to raise their fees as well, but they are awaiting the public response before doing so. Wachovia ATM charges range from $1.50 to $2.50; they are also considering a fee hike to $3 in certain markets. Citigroup and Wells Fargo have kept their fees at $2 for the time being.

Accessing an ATM is obviously convenient, and they are readily available in many locations, including on campus. However, to avoid handing over hard-earned money to withdraw more money, here are some of the available alternatives. Begin using a debit card in basic transactions instead of just using it to access money. The card automatically deducts money from a checking account. Although it may be an inconvenience, there is also always the possibility of going to the bank and withdrawing money there.

If those two options are not viable, change banks. Certain banks charge no ATM fees, and as spokespersons have stated, banks are waiting for public reaction. If a bank realizes that all of its customers are leaving due to fees, they may reconsider the increase. Allow the power of market economics to take over. Banks raise their fees because of assumed inelasticity; if customers show no change in demand, the fee increases will remain.

Obviously, banks have to make their money as well, but this shouldn’t come at customer expense. Students who do not want to continue paying the rising fees should take advantage of the other available choices.