For the 11th year in a row, ATM fees have hit a record high in the United States — up 55 percent in the past decade.
That's according to the latest report from consumer resource and finance site, Bankrate.com, in which analysts surveyed 10 banks and thrifts in the country's 25 largest markets between July 27 and Aug. 10, 2017.
The average total cost of an out-of-network ATM fee withdrawal, according to the report, is $4.69, a 2.6 percent increase from last year.
Pittsburgh, Pennsylvania, saw the highest average ATM fee at $5.19.
Atlanta ranked fifth with an average ATM fee of $5.05 — 36 cents higher than the national average.
The average national overdraft fee also increased by one percent since last year to $33.38.
According to the report, the most common overdraft fee is $35, but the number of banks that increased their fee outnumbered those who lowered it by 7 to 1.
With an average overdraft fee of $33.80, Atlanta ranked 10th in the country.
Tips from Bankrate.com and other finance experts to dodge the charges:
- Set account alerts to avoid overdraft fees. Many banks will offer the option of sending you a text or email with your account update.
- Link your savings account. If your purchases exceed the money available in your checking account, your savings account will serve as a backdrop. Banks may chage you if you overspend, but the fee would be $5 to $10, according to Bankrate's chief financial analyst Greg McBride.
- Use your bank's mobile app to find nearby ATMs.
- If you can't find any of your bank's ATMs in your part of the country, consider looking for another bank with no out-of-network fees, such as credit unions or community banks.
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