ATM Fees Are on the Rise

If you need to get cash, you can find ATMs all over, but the convenient access is going to cost you if it’s an out-of-network machine. According to a new survey from Bankrate, the fees associated with using an out-of-network ATM have been steadily rising and they’re now at an all-time high.

Key findings from the survey include:

  • Bankrate finds that average total cost for an out-of-network ATM withdrawal has reached a record high of $4.73.
  • That includes the average surcharge of $3.15 that comes from the ATM owner, as well as the average fee of $1.58 that a bank charges its customers for using an out-of-network ATM.
  • The research reveals that some other bank fees are actually on the decline, with overdraft fees the lowest they’ve been in two decades.
  • The average overdraft fee is now $26.61, which is down 11% from Bankrate’s 2022 survey.
  • While the average is down, overdraft fees are still charged by 91% of accounts Bankrate researched, and they can be as high as $38.
  • The average NSF (insufficient funds) fee is at a 25-year low of $19.94, down 25% from 2022.
  • Atlanta is the metro area with the highest ATM fees on average. In the Georgia city, you’ll pay around $5.33 for using an out-of-network ATM.
  • Boston has the lowest combined average fees for out-of-network ATMs at $4.24.

Source: Bankrate

Photo: Getty Images


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