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The US Sun
Americans hit with ATM fees as high as $5 – but the state you live will determine the amount
By Maya Lanzone,
1 day ago
AMERICANS looking to make a cash withdrawal should pay close attention to the ATM they choose.
New data reveals ATM fees have hit a record high in the US, but how much consumers pay ultimately depends on the state they live in.
Certain ATM fees are at an all-time high, costing consumers over $5 in select cities The U.S. Sun
ATMs, or automated teller machines, offer a convenient way to access cash while on the go.
However, they often charge usage fees to cover the costs of maintaining and operating the machines.
While ATMs are typically free for customers of the bank that operates them, out-of-network customers can face hefty withdrawal fees.
These fees occur because the customer’s bank does not directly support the transaction, leading to additional processing costs being passed on to the consumer.
One hundred percent of the banks that Bankrate surveyed in a new study said they charged non-customers to use their ATMs – and these fees are more costly than ever.
The average charge for out-of-network withdrawals in the US has risen for the fourth year in a row and hit a record high of $4.77.
High out-of-network ATM fees are hitting consumers across the nation The U.S. Sun
This is an increase from the $4.73 cost in 2023 and the highest annual amount since Bankrate started tracking ATM fees 26 years ago in 1998.
“If you make an out-of-network ATM withdrawal, expect to pay, and pay more than ever before,” said Greg McBride, chief financial analyst at Bankrate.
“Fees have increased again and you’ll typically pay two fees — one to the ATM owner and another to your own bank.”
The average $4.77 ATM fee includes a typical surcharge of $3.19 administered by ATM-operating banks plus an average $1.58 charge from the customer’s bank for using an out-of-network machine.
FIVE PRICEY CITIES
The average price of out-of-network withdrawals has even surpassed $5 in some US cities.
Bankrate found that ATM users in Atlanta , Georgia , faced the highest withdrawal fees at $5.33.
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