News

ATM fees track higher for 8th straight year

Foreign fees are up 5 percent year-over-year, 23 percent over the past five years, Bankrate.com finds in its 2014 survey of major U.S. cities.

September 29, 2014

Fees for using out-of-network ATMs rose 5 percent over the past year and are up 23 percent over the past five years, according to the 17th annual checking survey by Bankrate.com.

The average outside-of-network fee is now $4.35 per transaction, a new high for the eighth consecutive year, the personal finance publisher said.

For the 16th consecutive year, the average overdraft fee also set a new record, at $32.74.

In the release, Bankrate offered other key findings from the survey, as well:

• the average foreign ATM operator surcharge jumped seven percent to $2.77 per transaction, a record high;
• the average surcharge has increased for 10 consecutive years;
• the most common foreign ATM surcharge is $3;
• the average out-of-network fee assessed by the customer's home FI increased 3 percent to $1.58, also a new high;
• over the past eight years, the most common fee was $2; and
• the most common fee now, by a wide margin, is $2.50.

View the full survey.

For the study, Bankrate surveyed 10 banks and thrifts in each of 25 large U.S. markets. This included 247 institutions that offer checking accounts.