If it feels like fees are climbing every time you stop at an ATM, you may be on to something.
ATM fees have reached a record high for the 10th year in a row, according to Bankrate.com's 19th annual checking survey. The average cost for using an out-of-network ATM has increased to $4.57.
The fees are made up of a surcharge fee from the ATM owner on a non-customer and a fee from the account holder's bank for using another bank's ATM. The ATM surcharge rose 2 cents this year, from $2.88 to $2.90. Fees charged by a customer's own bank rose 1.8 percent to $1.67.
“With ATM fees now at an average of $4.57, an unplanned stop at the ATM for $20 will cost nearly 23 percent in fees. A little advanced planning when making withdrawals can add up to big savings for consumers in the long run,” said Bankrate.com’s chief financial analyst, Greg McBride, in a statement.
Bankrate found the highest average ATM fee in Phoenix, at $5.07. The lowest was in San Francisco, at $3.90.
On the other hand, overdraft fees have fallen, breaking a 17-year streak of highs. The average overdraft fee fell from $33.07 to $33.04. Bankrate found that the most common overdraft fee is $35.
The highest average overdraft fees found by Bankrate are in Philadelphia, where they're $35.20. Just as it boasts the lowest ATM fee, San Francisco has the lowest average overdraft fee, $30.25.
The survey also found that the number of free, non-interest checking accounts increased this year, for the first time since 2009. Interest checking accounts also increased.