It’s costing us more to access our money, according to a new report from Bankrate.
The financial platform’s research shows the fee for an out-of-network ATM withdrawal has reached a record-high average of $4.73 in fees jumping up from $4.72 in 2019. Although there’s only a one cent difference, it still underscores the rate at which inflation is driving up the cost of many services and goods.
“ATM fees are biting harder than ever as the cost of out-of-network withdrawals hits a new record high,” said Greg McBride, CFA, Bankrate chief financial analyst in the report. “But with less need for cash and expansive ATM networks that make it easier than ever to stay within network, the fees are easily avoidable and need not be a frequent drain on your bank account.”“ATM fees are biting harder than ever as the cost of out-of-network withdrawals hits a new record high,” says Greg McBride, CFA, Bankrate chief financial analyst. “But with less need for cash and expansive ATM networks that make it easier than ever to stay within network, the fees are easily avoidable and need not be a frequent drain on your bank account.”
Fortunately, other bank associated fees are falling. The average overdraft fee has fallen to $26.61, the report says, indicating a decrease of 11 percent since last year. While this average is down, overdraft fees are still charged by 91 percent of accounts that Bankrate surveyed — and they can run as high as $38, the report pointed out.
The full research set can be found here.