Survey finds that ATM fees continue to rise

Want to get money out of an ATM that's not at your bank? It'll cost you more than it did 12 months ago.

The average fee for using an out-of-network ATM is $4.35 per transaction, up 5 percent over the last year and 23 percent over the past five years, according to a survey released Monday by Bankrate.com. Of the 10 largest banks and thrifts in 25 large U.S. markets, Phoenix had the highest average fee, $4.96 per transaction, while Cincinnati was the lowest at $3.75. On average, the out-of-network bank charged $2.76 in fees, while the customer's own bank charged $1.58.

When it comes to overdraft fees, those are up for the 16th consecutive year, at an average of $32.74. Philadelphia had the highest average overdraft fee at $35.80, while San Francisco had the lowest at $26.74.

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Fees for checking accounts have also gone up since the 2008 financial crisis, as new federal banking laws and regulations have been introduced. Banks have hiked their fees for checking accounts, ATM withdrawals, and overdrafts to compensate for new limits to when they can charge overdraft fees and reduced fees to use credit or debit cards for purchases. "I expect fees to continue increasing in years to come, but at a modest pace consistent with what we saw this year, just as was the case prior to the onset of these regulations," Greg McBride, chief financial analyst at Bankrate.com, told The Associated Press.