Big banks rack up more than $6 billion in ATM and overdraft fees

Photo: tales of a wandering youkai / CC BY 2.0

America's biggest banks are profiting off your money when you go to the ATM.

CNN MONEY reports J.P. Morgan Chase, Bank of America and Wells Fargo earned more than $6.4 billion last year in the ATM and overdraft fees. That's an increase of more than $300 million from the amount collected in 2015 and works out to about $25 for every adult.

CNN Money reports the average fee for using an "out-of-network" ATM in the United States is now $4.57, according to Bankrate. Last year marked the tenth straight year of increases.