Paying Money To Touch Your Money

Wait! Five dollars just to withdraw my own money?

That is where we are headed when ATM fees jump to a new record high. If you hit up an out of network ATM, expect to fork over an extra $4.69 per transaction. This cost is up 2.6% from the year before. An ATM fee is a fee for each withdrawal, transfer or balance inquiry performed at a bank that you don’t have an account with.

Some cities are worse than others. After surveying 10 banks in 25 big markets across the country, Pittsburgh banks had the highest average ATM fee – $5.19! New York came in second place with an average ATM fee of $5.14. Washington DC and Cleveland had a tie for third place with their ATM fees being $5.11. Additionally, the average overdraft fee went up considerably to $33.38. An overdraft fee is when your bank account dips below $0. Be sure to monitor how much is in your bank account in order to avoid this hefty penalty.

Some tips for avoiding extra fees are using your phone to find your bank in your current area, finding a bank that does not charge extra fees, or preparing ahead of time by withdrawing cash from your local bank that you belong to. Finally, never withdraw money from an ATM that you do not belong to – that is just common cents!