ATM Fees Hit Record Highs: Navigating the Rising Costs in 2024
Understanding the Rise in ATM Fees
The national average combined out-of-network ATM fee now stands at $4.77, increasing from $4.72 last year. This fee comprises $3.19 charged by the out-of-network banks and $1.58 charged by your own bank.
Strategies to Reduce ATM Fees
- Use in-network ATMs whenever possible.
- Consider getting cash back at the point of sale with a debit card.
- Join a nationwide ATM network to access free ATMs.
According to Greg McBride, Bankrate's chief financial analyst, avoiding unnecessary ATM fees is critical for financial health.
Average Fees in the U.S.
Among the top 25 metro areas, Atlanta currently has the highest average ATM fee at $5.33, while Boston has the lowest at $4.16.
Overdraft and NSF Fees Trends
This year, the national average overdraft fee has risen to $27.08, up from $26.61 in 2023. In contrast, NSF fees have decreased for the third consecutive year, now averaging $17.72, the lowest fee in 26 years.
Managing Your ATM Withdrawals
McBride advises to always check your balance before making purchases or withdrawals to avoid both overdraft fees and NSF fees. Also, it’s recommended to avoid opting in for overdraft protection on small-dollar transactions and linking your checking and savings accounts for seamless coverage.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.