Payments

ATM fees rise to $4.77, hitting 26-year high

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August 23, 2024

ATM fees have risen yet again in 2024, going up to $4.77 compared to $4.73 last year. This is the highest rate since 1998, according to a report by Bankrate.

"If you make an out-of-network ATM withdrawal, expect to pay, and pay more than ever before," Greg McBride, CFA, Bankrate, said in the report. "Fees have increased again and you'll typically pay two fees — one to the ATM owner and another to your own bank. Confine cash withdrawals to in-network ATMs or get cash back when using a debit card. See if your bank participates in a nationwide ATM network that can be used free of charge."

In addition, the average rate of overdraft fees has risen from $26.61 in 2023 to $27.08 in 2024, according to Bankrate's 2024 checking account and ATM fee study. Overdraft fees peaked at $33.58 in 2021.

However, many banks are removing or restricting overdraft fees, such as Citi removing them in 2022, Regions adding grace periods in 2023 and Discover introducing overdraft protection this year.

Other report findings include:

Average minimum balance is now $15.45.

47% of non-interest checking accounts charge no service fees.

Atlanta has the highest ATM fees, with average out-of-network charge of $5.33.

Boston has the lowest average ATM fee at $4.16.