Getting cash from an ATM isn’t always a convenience, at least when it comes to its cost.
ATM fees reached yet another record high — for the 11th consecutive year — with the average total cost of an out-of-network withdrawal reaching $4.69, an increase of 2.6 percent from a year earlier, according to a new study from Bankrate. That fee is the combined amount charged by the out-of-network ATM’s owner and your own bank.
Thanks to the annual hikes, ATM fees have surged more than 55 percent over the last 10 years, the study found.
Because both their own bank and the financial institution that owns the cash machine tack on ATM fees, Americans are getting hit on both ends when they visit an out-of-network ATM. On top of that, consumers are also paying more for overdraft fees, which have reached a new high of $33.38.
“Despite ATM and overdraft fees continuing to hit new highs, they are completely avoidable,” said Greg McBride, the chief financial analyst at Bankrate. “Plan ahead as to where and when you will use your ATM card. If you are in a pinch for cash, get cash back when you use your debit card at a point of sale.”