The cost of withdrawing cash from ATMs outside of consumers’ networks is becoming more expensive than ever, with the average cost of withdrawing bills exceeding $5 in some U.S. cities, according to new data.
a New Research The national average fee for out-of-network withdrawals has risen for the fourth consecutive year, hitting a record high of $4.77, according to data released this week by Bankrate.
“People should be prepared to pay more than ever before when making withdrawals at out-of-network ATMs,” Greg McBride, chief financial analyst at Bankrate, said in a statement to FOX Business.
“Fees are increasing again and you usually end up paying two fees – one to the ATM owner and one to your own bank.”
McBride suggests consumers only withdraw cash from in-network ATMs or use their debit cards to get cash back.
He also recommends finding out whether your bank participates in a nationwide network of free ATMs.
According to the findings, the cities with the highest average ATM fees in the country are:
1. Atlanta – $5.33
2. San Diego – $5.22
3. Phoenix – $5.22
4. Detroit – $5.18
5. Cleveland – $5.10
Bankrate also looked into which cities have the lowest ATM fees.
Boston had the cheapest average price at $4.16, followed by Seattle ($4.34) and Philadelphia ($4.42).
