According to Bankrate.com’s annual checking survey, fees for using out-of-network ATMs increased by 5% over the past year.
What’s more, fees have been up 23% over the past five years. Using banks that are outside of your bank’s network is going to cost you. It’s estimated that the cost of banking outside of the network is roughly $4.35 per transaction.
Bankrate.com says consumers usually face two fees when they decide to use an ATM outside the network. One is an ATM surcharge from the ATM owner; the other is a fee charged by the bank for using an out-of-network ATM.
In addition, the checking survey found that the average overdraft fee of $32.74 set a new record high for the 16th consecutive year.
“Punitive-type fees, such as ATM fees and overdraft fees, have shown the most consistent increases over time. While this trend is unlikely to reverse, consumers should recognize that ATM fees and overdraft fees can be avoided completely,†says Greg McBride, CFA, Bankrate.com’s chief financial analyst.
Thirty-eight percent of checking accounts without interest are free, which is the same as last year, and down 1% from 2012. This ends the four-year trend of declines from the high of 76% five years ago.