No one likes ATM fees, and they seem to keep climbing.
According to a survey conducted by Bankrate.com, the cost of doing business with an ATM that’s not within your bank’s network has risen 5% in the past year to a high of $4.35 per transaction. In the past 5 years that fee has gone up 23%. And remember, you’re not only facing fees from your bank when you go out of network, but fees from the owner of the ATM, too.
When it comes to overdraft fees, they’ve gone up as well. Over the past year they have skyrocketed to an average of $32.74. Bankrate.com calculates that’s the 16th consecutive record high.
Why do these fees keep on coming, and keep growing larger?
The survey points to banks passing along costs incurred by adhering to new federal banking regulations and laws that took effect after the financial crisis in 2008.
But there are 2 quick fixes. Use your debit card and request cash back to skip the ATMs altogether, and sign up for an email or text alert system that will let you know when your balance is about to fall below your bottom line.
