Skyrocketing ATM fees could be hitting your bank account if you frequently withdraw money. The average cost for using an out-of-network ATM has hit a record $4.69 per transaction. Those fees are likely to continue rising.
The Chief Operations Officer of Erie Federal Credit Union, Chris Cortes, says these fees tend to go up on an annual basis as financial institutions review the cost of maintaining the ATM’s and as the cost to upgrade ATM’s grow as well.
“A lot of the things that go along with the ATM’s and networks and software go up on an annual basis as well,” says Cortes, “so to manage an ATM fleet there are annual costs that go along with those.”
In most cases, fees are avoidable if customers use ATM’s provided by their financial institution or by getting cash back while checking out at grocery stores.