ATM fees have reached a record high in the U.S. as of August 2024. A recent study shows that accessing cash from out-of-network ATMs now costs an average of $4.77. This marks the fourth consecutive year of rising fees, with some cities reporting average costs exceeding $5.
Bankrate’s findings reveal that Atlanta tops the list with the highest average ATM fees. Consumers are advised to use in-network ATMs or seek cash back when shopping to avoid these costs.
Key takeaways:
- Average ATM fees hit $4.77 nationally.
- Atlanta has the highest fees at $5.33.
- Using in-network ATMs can save money.
- Fees have increased for four consecutive years.
Record High ATM Fees Across Major U.S. Cities: What You Need to Know
As of August 2024, ATM fees have reached unprecedented levels in the United States. The average cost for withdrawing cash from an out-of-network ATM is now $4.77, according to a recent Bankrate study. This increase is significant, especially for those who frequently rely on ATMs outside their bank’s network. In cities like Atlanta, where the average fee is $5.33, consumers are feeling the financial pinch.
Top Cities with the Highest ATM Fees: Are You Paying Too Much?
Bankrate’s study highlights the cities where ATM fees are the highest. Atlanta leads the pack, followed closely by San Diego and Phoenix. Here are the top five cities with the highest average fees:
- Atlanta – $5.33
- San Diego – $5.22
- Phoenix – $5.22
- Detroit – $5.18
- Cleveland – $5.10
How to Avoid High ATM Fees When You Need Cash
To avoid high ATM fees, consider these strategies:
- Use in-network ATMs whenever possible.
- Check if your bank offers a nationwide ATM network.
- Opt for cash back when making purchases with your debit card.
- Plan your cash needs to minimize out-of-network withdrawals.
Understanding the Impact of Rising ATM Fees on Consumers
The continuous rise in ATM fees can significantly affect consumers, especially those who rely on cash transactions. With an average fee of $4.77, many may find themselves paying extra for essential cash withdrawals. It’s essential to stay informed and explore options that allow for cost-effective banking.
