ATM fees have been on the rise, increasing by 1.5% over the past year to an average of .73 per transaction, based on data from Bankrate. These fees are a combination of charges from both the bank and the ATM’s owner. To avoid these fees, consider staying within your bank’s ATM network, using mobile banking services, or opting for an online bank that offers a wide ATM network or reimburses ATM fees.
Since their introduction in the 1970s, automated teller machines have become more versatile. Now, ATMs can do much more than just dispense cash. You can deposit checks or cash, transfer funds between accounts, check your account balance, and even pay bills. Some ATMs even offer cardless transactions using a virtual card or mobile banking app.
When it comes to ATM fees, there are several charges to be aware of. These include the ATM operator fee, your bank’s out-of-network fee, and international transaction fees for those using ATMs abroad. Each financial institution has its own fee structure, with some offering reimbursements for ATM fees, limiting the financial burden on customers.
According to recent data, out-of-network ATM fees have risen 1.5% to an average of .73 per transaction. On an annual basis, these fees can add up, costing individuals around 5 for weekly withdrawals. The average combined ATM fee back in 1998 was only .97, highlighting the significant increase over the years.
To avoid ATM fees, consider staying within your bank’s network, utilizing cash-back options at retailers, or using mobile banking services for transactions. Shopping around for an online bank with a large ATM network or fee reimbursement policies can also help alleviate the impact of ATM fees. Despite the trend towards cashless payments, having cash on hand is still important, making it crucial to know how to avoid unnecessary ATM charges.
