ATM fees in 2017 have hit record highs.
ATM fees that customers will face when withdrawing money from an bank that a person has no account with are up for the 11th year in a row. The average that a customer pays in 2017 when withdrawing from a bank they have no account with is $4.69.
The average ATM fee of $4.69 for 2017 comes from a study by Bankrate. Overall, the average fee that customers face when using an ATM not connected to their bank has gone up by 4.7% per year over the last 19 years.
There are actually two fees that result in this charge being so high. The first one comes from the person’s bank. The average for this ATM fee is $1.72, which is up roughly 3% from 2016. The second fee comes from the bank money is being taken from. This fee in 2017 is $2.97 on average, which is up 2.4% from the year prior.
Bankrate has a couple of suggestions for those looking to avoid high ATM fees in 2017. The first is to plan ahead. This means making sure you have money available and don’t have to withdraw from an ATM not connected to your bank. The second method of avoiding the fee requires buying something and getting cashback. Something cheap, like a candy bar, will cost less than the fee.
The survey that included in the ATM fees for 2017 includes a wealth of information for customers to take into account. This includes information on checking accounts, overdraft fees and more. You can follow this link to see more.
As of this writing, William White did not hold a position in any of the aforementioned securities.