Posted by Editor on May 29, 2017
ATM fees hit another all-time high, survey finds
Bernie Sanders, anti-ATM fee activist, is going to love this …
ATM fees have set a new high for the 10th straight year, with the cost of an out-of-network cash withdrawal now averaging $4.57, according to the 19th annual checking survey by Bankrate.com.
The survey looked at both surcharge fees and out-of-network fees assessed by ATM providers and banks, according to a press release.
This year, the average ATM surcharge rose slightly less than 1 percent to $2.90. The average out-of-network fee rose 1.8 percent to $1.67.
"With ATM fees now at an average of $4.57, an unplanned stop at the ATM for $20 will cost nearly 23 percent in fees," said Bankrate.com chief financial analyst Greg McBride, CFA. "A little advanced planning when making withdrawals can add up to big savings for consumers in the long run."
San Francisco has the lowest average out-of-network ATM fees; Phoenix has the highest. Of 25 markets surveyed, the five most and least expensive for ATM fees are as shown in the table above.