News

ATM fees in US set record high for 11th straight year

October 5, 2017

Bankrate.com has released its latest checking account study, which finds ATM fees at an all-time high for the 11th year in a row.

According to a press release, the average total cost of an out-of-network ATM withdrawal is now $4.69, up 2.6 percent from $4.57 last year. Over the past decade, ATM fees have charted an increase of 55 percent, Bankrate.com found.

The average ATM surcharge hit a new record for the 13th year in a row, rising to $2.97 from $2.90 last year. The average out-of-network fee charged by a consumer's home bank increased 3 percent to $1.72, also a new high.

Of 25 major metro areas, Pittsburgh had the highest average out-of-network ATM fee, at $5.19), while Dallas had the lowest, at $4.07.

Cities with the highest and lowest average fees were as follows:

The survey group consisted of a total of 10 banks and thrifts in each of 25 large U.S. markets; the survey was conducted between July 27 and Aug. 18.