Out-of-network ATM fees reach new record high of $4.72

Out-of-network ATM fees reach new record high of $4.72

RICHMOND, Va. (WWBT) -There are ATMs all over the place, but use the wrong one, and you could pay more than $4 just to access your own money.

New research from Bankrate shows, ATM out-of-network fees has reached a new record high of $4.72. That’s up more than 33% over the past decade.

The highest fees - happening in Houston - $5.58 a transaction. Banks will tell you it costs a lot to maintain ATM machines and the networks. But the fees are also big moneymakers.

Fortunately, it’s easy enough to dodge these fees. One way, figure out what you need in cash for the week, and make it a point to stop by your own bank’s ATM for that withdrawal. Or when you’re at the grocery store checkout, push the “cash back” button while using your debit card—and get your money out that way!

Banks don’t charge for that and very few merchants do.

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