United States

ATM Fees Hit Record High in US: Survey

But the survey also found that overdraft fees fell for the first time in 17 years

If it feels like fees are climbing every time you stop at an ATM, you may be on to something.

ATM fees have reached a record high for the 10th year in a row, according to Bankrate.com's 19th annual checking survey. The average cost for using an out-of-network ATM has increased to $4.57.

The fees are made up of a surcharge fee from the ATM owner on a non-customer and a fee from the account holder's bank for using another bank's ATM. The ATM surcharge rose 2 cents this year, from $2.88 to $2.90. Fees charged by a customer's own bank 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. A little advanced planning when making withdrawals can add up to big savings for consumers in the long run,” said Bankrate.com’s chief financial analyst, Greg McBride, in a statement.

Bankrate found the highest average ATM fee in Phoenix, at $5.07. The lowest was in San Francisco, at $3.90.

On the other hand, overdraft fees have fallen, breaking a 17-year streak of highs. The average overdraft fee fell from $33.07 to $33.04. Bankrate found that the most common overdraft fee is $35.

The highest average overdraft fees found by Bankrate are in Philadelphia, where they're $35.20. Just as it boasts the lowest ATM fee, San Francisco has the lowest average overdraft fee, $30.25.

The survey also found that the number of free, non-interest checking accounts increased this year, for the first time since 2009. Interest checking accounts also increased.

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