ATM fees have reached a record high as non-bank withdrawals are at a $4.57 average, according to a Bankrate survey.
This is the tenth year that out-of-network ATM fees have seen an increase, CNN reported.
“Paying the fee every once in a great while isn’t going to make or break you, but it’s the habit of routinely paying these types of fees that is going to put you in the poor house,” Greg McBride, chief financial analyst at Bankrate, told CNN.
Fewer people today are using ATMs, which is contributing to the rising cost of getting cash from these machines.
“The cost of maintaining and upgrading ATM networks gets spread over fewer transactions each year,” McBride explained.
According to The Guardian, withdrawing money from an out-of-network ATM results in two different fees — one being from your bank and the other being from the bank that owns the ATM — which are both at record highs.
This year, banks have charged non-customers $2.90 on average to withdraw their money, which increased from an average of $2.88 last year, The Guardian noted. This is the 12th straight year that this fee has seen an increase.
As for the average fee imposed by banks on their customers for using out-of-network ATMs, that cost also went up from $1.64 to $1.67 this year, which marks the 10th consecutive year that the two fees combined have risen, The Guardian noted.
“With ATM fees now at an average of $4.57, an unplanned stop at the ATM for $20 will cost nearly 23 percent in fees. A little advanced planning when making withdrawals can add up to big savings for consumers in the long run,” McBride said, according to NBC Philadelphia.
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