(Finance, GreaterGC) – ATM fees have soared to a 26-year high in the US, with consumers facing steep charges for out-of-network withdrawals. As these costs continue to climb, where you live plays a significant role in how much you’ll pay.
Record-Breaking ATM Fees
According to a new study by Bankrate, the average fee for out-of-network ATM withdrawals has reached $4.77. This is the fourth consecutive year of increases, marking the highest recorded level since tracking began in 1998. Consumers are hit with two fees: one from the ATM operator, averaging $3.19, and an additional $1.58 from their own bank.
Most Expensive Cities for ATM Fees
For those in major metropolitan areas, costs are even higher. Atlanta, Georgia, tops the list with an average withdrawal fee of $5.33. Other high-cost cities include San Diego, California, and Phoenix, Arizona, where fees stand at $5.22. Detroit, Michigan ($5.18), and Cleveland, Ohio ($5.10) round out the top five.
| RANK | METRO AREA | AVG. TOTAL ATM FEE |
|---|---|---|
| Source: Bankrate’s 2024 checking account and ATM fee study | ||
| 1 | Atlanta | $5.33 |
| 2 (tie) | San Diego | $5.22 |
| 2 (tie) | Phoenix | $5.22 |
| 4 | Detroit | $5.18 |
| 5 | Cleveland | $5.10 |
| 6 | Pittsburgh | $4.98 |
| 7 | Tampa | $4.97 |
| 8 | Milwaukee | $4.88 |
| 9 | Houston | $4.86 |
| 10 | San Francisco | $4.83 |
| 11 (tie) | Chicago | $4.81 |
| 11 (tie) | Cincinnati | $4.81 |
| 13 | Miami | $4.80 |
| 14 | St. Louis | $4.76 |
| 15 | Minneapolis | $4.75 |
| 16 | Denver | $4.74 |
| 17 | Dallas | $4.69 |
| 18 | Washington, D.C. | $4.62 |
| 19 | Los Angeles | $4.56 |
| 20 | Kansas City | $4.55 |
| 21 | Baltimore | $4.52 |
| 22 | New York | $4.47 |
| 23 | Philadelphia | $4.42 |
| 24 | Seattle | $4.34 |
| 25 | Boston | $4.16 |
Cities with Lower Fees
In contrast, cities like Boston, Massachusetts ($4.16), Seattle, Washington ($4.34), and Philadelphia, Pennsylvania ($4.42) offer some of the lowest average fees. While still high, these cities provide a slight reprieve for those making out-of-network withdrawals.
Tips to Avoid High ATM Fees
To minimize these charges, experts recommend using in-network ATMs whenever possible or opting for cash-back when making debit card purchases. Checking if your bank participates in a nationwide ATM network can also help you avoid unnecessary fees.
Conclusion
As ATM fees reach record levels, being mindful of where and how you withdraw cash can save you money. Plan ahead to avoid these rising costs and keep more of your hard-earned cash in your pocket.
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