Average ATM Fees Hit a New Record High of $4.57
This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.
According to a recent Bankrate survey, ATM fees have hit yet another record high. For the 12th straight year, the average cost to withdraw money from an out-of-network ATM has increased, now averaging $4.57 per transaction. This is up from just $2.89 per transaction a decade ago.
With technology getting better and cheaper every year, it’s easy to assume that the increased fees are just a way for banks to squeeze customers for more money. However, there’s another factor in play: Fewer consumers are using ATMs to withdraw cash. This means that there are fewer transactions contributing to the upkeep and upgrading of ATM networks.
The award travel industry could be partially to blame for the falling use of ATMs. After all, points and miles enthusiasts know it’s more rewarding to use a credit card than cash. In addition to the rewards you’ll earn from making your purchase with a credit card, you’ll also get valuable benefits like the purchase protection, primary car rental coverage and more.
However, if you’re headed overseas, you might need to revert to using cash. While some countries are rushing to get rid of cash completely, other countries are much less accepting of credit cards than we’re used to here in the US. Use these tips to avoid racking up ATM fees while overseas.
H/T: CNN Money
Featured image courtesy of Getty Images.