Consumers who withdraw cash from an ATM that is not in their bank’s network are paying record-high fees.
Greg McBride, chief financial analyst with Bankrate.com, told News 6 that ATM fees hit a record high for the 11th year in a row.
“The bottom line is you’re paying for convenience,” McBride said. “You are typically paying two fees not one.”
Out-of-network withdrawals from the ATM will mean a fee to the ATM owner as well as a second fee to the bank. Together, it can cost more than $5 to withdraw cash.
Bankrate.com released a survey of banks in the 25 markets this month that found the average total cost of an out-of-network ATM withdrawal is now $4.69, up 2.6 percent from $4.57 last year.
In fact, according to Bankrate.com, ATM fees are up 55 percent over the past decade.
McBride told News 6 that Bankrate.com has been tracking ATM and overdraft fees for the past 20 years.
Tips to avoid fees:
1. Don’t go out of network
2. Get cash at point of sale, such as a grocery store
3. Know your bank or credit union ATM locations
4. Monitor your checking account via a bank app
5. No overdraft protection for the ATM
McBride told News 6 the ATM overdraft protection is a big mistake.
“You don’t want to pay $40 for a cup of coffee,” he said.
For more information on the bank fee survey, click here.
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