Do you hate it when you realize you are out of cash and the closest ATM isn’t your bank? While it may just be easy to suck it up and take out money at the nearest location instead of walk the couple of extra blocks to find your bank, you are going to be payingthrough the nose for that convenience.
According to a new Bankrate report, ATM fees are at a record high for yet another year, with the average cost of using an out-of-network ATM $4.69, which is a 2.6% increase from last year, and the 11th year in a row that ATM fees have gone up. That amount covers both fees imposed by the ATM a person is using, and the fee given to them by their own bank for going out of network. The report found that on average, customers spend $2.97 on ATM surcharges (the fee charged by the out-of-network bank), up two 2.4% from last year, while the average fee charged by a person's own bank for using another bank is $1.72, up 3% from last year.
As for where you’ll pay the most in ATM fees, folks in Pittsburgh, Pennsylvania have it the worst at an average of $5.19, followed by New York at $5.14. On the flipside, folks in Dallas, Texas pay the least in extra ATM fees at only $4.07, followed by Milwaukee, Wisconsin at $4.11.
Top Five Cities With the Highest ATM Fees
- Pittsburgh, PA: $5.19
- New York, NY: $5.14
- (tie) Washington D.C.: $5.11
- (tie) Cleveland, OH: $5.11
- Atlanta, GA: $5.05
Top Five Cities With the Lowest ATM Fees
- Dallas, TX: $4.07
- Milwaukee, WI: $4.11
- San Francisco, CA: $4.23
- Seattle, WA: $4.29
- Cincinnati, OH: $4.30
Source: Bankrate