Want to take your own money out of the bank?
It’s gonna cost you if you’re not careful.
The $4.72 figure includes both the ATM surcharge (fees charged by the ATM machine owner) and penalties you pay your bank for using an out-of-network ATM.
Of course, most bank customers encounter no fees when using their own bank’s ATM, or an in-network ATM. So hitting an in-network bank machine when you need cash is always the simplest and easiest way to avoid ATM fees.
If you go out-of-network, you’ll encounter fees that have been increasing steadily. ATM surcharges rose to a 15-year average high of $3.06, up 2% from last year. On the other hand, bank penalties actually dropped a bit, to $1.36. Houston has the highest average out-of-network ATM fees at $5.85 and Los Angeles has the lowest at $4.15 on average. The West Coast generally had lower fees than the rest of the country overall, the study shows.
It’s not just ATM withdrawals that are getting pricier — bank fees and costs are going up all around.
If you over-withdraw your account today you’ll pay more on average today. Overdraft fees went up slightly from last year to an average $33.36, but are down two cents from the peak of $33.38 in 2017. The 2019 rise marked the 19th time overdraft fees have increased in 21 years.
Average monthly service fees for checking accounts have also risen: Monthly fees are now averaging about $15 for checking accounts that accrue interest and $5.61 for no-interest accounts, Bankrate says. Many banks allow customers to avoid checking account fees if they maintain a certain minimum balance.
There are a growing number of completely free no-interest checking account options too. There’s been a 38% increase in the number of free checking accounts offered since last year, with 42% of non-interest bearing accounts now considered free (no monthly service charges or balance requirements).