A new study published by Bankrate.com has found that customers will pay up to five percent more this year if they wish to access their money at an ATM that is not owned and operated by their respective financial institution.
On average, a banking client will pay $4.35 for every ATM transaction. Although customers are becoming more aware of the frightening banking fees for using ATMs, banks are also becoming aware, which is why ATM fees have skyrocketed 23 percent in the past five years.
Meanwhile, overdraft fees have also experienced the same trend, which have been increasing for 16 consecutive years. According to the report, the average American customer will dole out $32.74 for every time they attempt to withdraw more money than they actually have in their checking account.
“Punitive-type fees, such as ATM fees and overdraft fees, have shown the most consistent increases over time,” said Greg McBride, CFA, Bankrate.com’s chief financial analyst, in a statement. “While this trend is unlikely to reverse, consumers should recognize that ATM fees and overdraft fees can be avoided completely.”
Cities with the highest average ATM fees:
– Phoenix ($4.96)
– Denver ($4.75)
– San Diego ($4.70)
– Houston ($4.67)
– Milwaukee ($4.66).
Cities with the lowest average ATM fees:
– Cincinnati ($3.75)
– San Francisco ($3.93)
– Pittsburgh ($4.03)
– St. Louis ($4.12)
– Los Angeles ($4.13
Cities with the highest average overdraft fees:
– Philadelphia ($34.80)
– Milwaukee ($34.47)
– Phoenix ($34.45)
– Boston ($34.37)
– Denver ($34.20)
Cities with the lowest average overdraft fees:
– San Francisco ($26.74)
– Los Angeles ($29.47)
– San Diego ($30.22)
– Cincinnati ($30.44)
– Dallas ($31.33)
Here are a few tips to paying exorbitant ATM fees:
– As soon as you receive your paycheck, take out money to pay for your week’s items (groceries, utilities, bills, etc.)
– When you need cash, only use your bank’s ATMs, even if it means walking a few blocks
– Use your credit card, but be sure to pay the money back almost immediately
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