(News Nation) — People would need more money than ever if they weren’t using ATMs operated by banks, according to an annual survey of banks. Bankrate.
The national average out-of-network ATM fee is now $4.77, up from $4.72 last year. This fee is the sum of the $3.19 charged by out-of-network banks and the average fee of $1.58 charged by your bank for using an out-of-network ATM.
“Limit cash withdrawals to in-network ATMs or get cash back when you use your debit card,” advises Greg McBride, chief financial analyst at Bankrate. “Make sure your bank participates in a national ATM network that offers free access.”
Of the top 25 U.S. metropolitan areas, Atlanta has the highest average ATM fee at $5.33, while Boston has the lowest at $4.16.
Meanwhile, the national average overdraft fee is set to rise to $27.08 this year, up from $26.61 in 2023, according to Bankrate. The increase comes after two consecutive years of declines in average overdraft fees after peaking in 2021 at $33.58.
Meanwhile, non-sufficient balance (NSF) fees have declined for three straight years: The national average is now $17.72, down from $19.94 last year and the lowest in the 26 years Bankrate has been tracking the fees.
McBride said it’s important to check your balance before making any big purchases or withdrawals to avoid overdraft and NSF fees.
He also says, “Don’t select overdraft protection for small ATM and debit card transactions, and consider opting out of overdraft protection altogether. Link your checking and savings accounts so that any shortfalls are covered by your own funds, not the bank’s.”
