ATM fees have hit a record high for the 11th year in a row. And you're paying more than ever for the convenience of using the closest ATM, if it isn't your bank.
Tue, 03 Oct 2017 08:42:00 +0000ATM Fees GrowingATM fees have hit a record high for the 11th year in a row. And you're paying more than ever for the convenience of using the closest ATM, if it isn't your bank.http://chic.clipsyndicate.com/video/playlist/12512/7113514?cpt=8&wpid=2637KOZLATM fees have hit a record high for the 11th year in a row. And you're paying more than ever for the convenience of using the closest ATM, if it isn't your bank.
Edgar Hernandez tries to use his bank's ATM to avoid fees. But sometimes, in a pinch, he has to use one that's not in his bank's network.
"How much do you end up paying in those extra fees?" a reporter asks.
"Sometimes they charge you $2, $3, and then the bank charges you on top of that," Hernandez says.
"How do you feel about that?"
A report from Bankrate dot com says the average total fee for an out of network withdrawl is now at an all time high of $4.69. That's up 55 percent over the past decade.
"Over the course of a year that can add up to hundreds of dollars." Bankrate.com's Greg Mcbride says fees vary in different cities.
Pittsburgh, New York, Washington, DC, and Cleveland have the highest. Seattle, San Francisco, Milwaukee and Dallas are among the lowest.
Customers can be hit with two separate fees when using an out-of-network ATM.
The owner of the machine charges one fee and your bank can charge another for using another bank's ATM.
Bankrate says people are using atms less because they're using less cash and paying with credit more.
With fewer atm withdrawls being made banks have fewer opportunities to charge fees that are used to maintain their atm networks.
"That's one of the catalysts for the increase in ATM fees that we see year in and year out," McBride says.
McBride says to avoid fees only use atms in your network. Most banks now have apps that can help you find one nearby.
You can also join a bank that reimburses out of network charges.
The Bankrate.com report also found that overdraft fees hit a new high of $33.38.
(Meg Oliver, CBS News)