ATM fees set a new record high for the 10th year in a row, with the total cost of using an out-of-network ATM withdrawal rising to $4.57, according to Bankrate.com's 19th annual checking survey.
Consumers typically must deal with two different fees when using an out-of-network ATM: the surcharge assessed by the ATM owner on a non-customer and the fee charged by the accountholder's own financial institution for using another credit union or bank's ATM.
This year, the average ATM surcharge hit a new record, rising to $2.90 from $2.88 last year. The average fee charged by a consumer's own financial institution for going outside the ATM network increased 1.8% to $1.67.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
