If you think you’re paying more when you get money out of a bank ATM that’s not your own, you’re correct. Out-of-network ATM fees are back on the rise, according to a new report.
In fact, the average fee for such withdrawals has reached a record high of $4.72, according to Bankrate.com.
Study: ATM Fees for Non-Customers Hit Record High
These ATM fees include the surcharge that machine owners charge non-customers as well as the penalty your own bank charges you for using an out-of-network ATM.
Bankrate.com’s latest Checking Account and ATM Fee Study shows that U.S. consumers are paying more than ever to use out-of-network ATMs.
Look at it this way: If you withdraw money just once a week from an out-of-network ATM, you would be paying more than $245 a year, on average.
The main reason for this is that you’re getting hit from both sides. Check out this fee breakdown:
How Much in ATM Fees Are You Paying?
|Average fee for using an ATM out of your network||$3.09|
|Average penalty assessed by your bank for using an out-of-network ATM||$1.63|
Here’s How You Can Save in ATM Fees Today
While many consumers are allowing themselves to be charged this unnecessary fee, you don’t have to be one of them.
If you’re being hit with ATM fees, switch to a bank that provides ATM fee reimbursement or has a network of fee-free ATMs where you live.
Some examples of banks that reimburse fees incurred at the ATM are Charles Schwab and Ally, but there are others as well.
If you want to know more about where to get fee-free accounts and transactions, check out our list of the best online banks.