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