NEW YORK–The average fee for using an out-of-network ATM rose 4% over the past year to a record $4.52 per transaction, according to Bankrate.com's 18th-annual checking survey.
The fee has risen 21% over the past five years, the survey has found.
Atlanta took the honors as the priciest city to make an out-of-network transaction ($5.15), according to Bankrate.com, while San Francisco is the cheapest ($3.85). The Bankrate.com figures reflect both ATM fees combined: those charged by the ATM operator and those charged by the consumer's own financial institution.
It isn’t just more expensive to withdraw funds at the ATM; it’s gotten more expensive to overdraft a checking account. According to Bankrate.com, the average overdraft fee also set a new record ($33.07) and is up 9% since 2010. Milwaukee has the nation's highest average overdraft fee ($34.79) and San Francisco again has the lowest ($30.35).
Bankrate.com also found that 37% of non-interest checking accounts are completely free, the lowest percentage since it began the annual surveys in 1998. The trend has been flat in recent years (38% of non-interest checking accounts were free to all customers in each of the past two years), Bankrate.com said; free checking peaked in 2009 at 76%.
An additional 58% of non-interest checking accounts can become free if customers meet certain requirements (the most common is direct deposit). Those who aren't able to secure a fee waiver face an average monthly service charge of $5.86, up 11% from last year
"The most important thing for consumers to know is that all of these fees are completely avoidable," said Greg McBride, Bankrate.com's chief financial analyst. "Shop around for a bank or credit union that fits your lifestyle so that you can keep more of your hard-earned cash.”