It’s getting more expensive to access your money.
"We found that ATM fees are rising for a third year in a row. We are at an all-time high," said Stephen Kates, a financial analyst at Bankrate.
ATMs have been around since the late 1960s, but they became mainstream in the early 1990s. Withdrawal fees have been steadily growing ever since.
In 1998, the average cost to withdraw cash was less than $2 per transaction. By 2008, the fees had climbed to $3.43. Today, they average $4.86.
"It can bite when you're trying to get $50 or a $100 out and then you're giving away 5 or 10% of that," Kates said.
Bankrate surveyed 25 metropolitan areas and found Atlanta has the highest average fee per transaction at $5.37, followed by Phoenix, San Diego, Detroit and Cleveland. The cities with the lowest ATM fees were Philadelphia, Seattle and Boston.
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"ATM infrastructure exists, and if you have fewer people using it, you potentially need higher fees spread over those fewer transactions to support it," Kates said. "They need required maintenance, cleaning, security, and all of that does have a cost."
Banks typically do not charge their customers to use their own ATMs. But when you go out of network or use nonbank ATMs, such as those in gas stations, fees are added.
"Credit unions, online banks, and even some brokers like Charles Schwab or Fidelity, those are readily reimbursing ATM fees. They are actually one of the best options to go and look for a way to not have to pay ATM fees," said Kates.
