Record High ATM Fees Are Making it Costly to Get Cash

October 3, 2019

If you need to use an ATM not in your bank’s network, it’s going to cost you more than it ever has before. The average fee for using an out-of-network ATM has hit an all-time high of $4.72, according to personal finance site Bankrate. This charge consists of two parts. The bank that runs the ATM charges an average of $3.09 for non-customers, while banks charge $1.63 on average for their customers using another company’s ATM.

For the majority of consumers, these fees are avoidable. Most large banks have ATM networks with a wide reach. However, if you bank with a smaller organization or local credit union, finding an in-network ATM can be tricky. It is always worth looking at the different checking accounts your bank offers, as many offer checking accounts that waive ATM fees. 

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