According to a new survey, it is costing consumers more than ever to get their own money.
USA Today reports that the current average fee for someone to withdraw money from an out of network ATM is around $4.52 per transaction. This average was determined by a survey created by Bankrate.com.
The amount comes from a combination of two separate fees. One from the owner of the ATM, another from your own bank. In Atlanta, the average is higher, at around $5.15 a transaction. In San Francisco, it is considerably lower at $3.85, typically.
Fees for ATM’s out of network have increased 21% over five years. More customers are seeking out ATM’s from their own financial institution, in fear of the extra fees. Banks use these fees as part of their financial structure, increasing their profits through them.
Often the costs associated with maintaining ATM services are paid for by the fees incurred by non-account holders. They are not worried about those who are not already their customers.
However, even if you use only your own bank’s ATM, you are still likely to pay record high fees in the event of an overdraft. Overdraft fees are up 9% since 2010, sitting at an average of 33.07, according to a survey of 25 large financial institutions.
The best way to avoid these charges is to plan to avoid ATM surcharges, by staying within your network. If you need cash fast, use cash back via debit card, rather than the first ATM you see. To avoid overdraft fees, use your bank’s mobile application to monitor your balance before transactions. Utilize email and text alerts for low balances. In the worse case, have your savings account linked to your other account for last minute transfers, to avoid overdraft fees.<