The average cost now is a record $4.69 per transaction, according to Bankrate.com, which did a survey to reach its conclusions. And the fees are likely to continue rising, Bankrate officials say, as fewer people use cash and make fewer withdrawals from the automatic tellers.
Banks that have ATMs on the premises are charging more to non-customers who use the machines to make up the difference.
The five cities that have the highest charges for out-of-network ATM transactions are : Pittsburgh, $5.19; New York, $5.14; Washington D.C. and Cleveland, tied at $5.11; and Atlanta, $5.05.
Rises in overdraft fees also are costing consumers more to handle their money. The average fee hit a new high this year of $33.38 per bounce. Philadelphians pay the heftiest fee at $35.30, while in San Francisco, the fee is $31.44 on average.
You can avoid fees by being proactive about your money, Plan ahead if you need to make an ATM withdrawal and avoid machines that are not in your bank’s network. Be aware of where you can make free withdrawals or get change when you make purchases with your card. Use your phone to find out where the ATMs in your network are available. Make a habit of carrying a small amount of cash. Find a bank that doesn’t charge ATM fees.
Avoid overdrafts by keeping close tabs on your balances. It’s as easy as making a smartphone check.
Getting signed up for email or text alerts that let you know you are approaching the level where your balance is chancy is smart. Fees are a waste of your money, so avoid them every chance you get.