The average fee charged by banks for using an out-of-network ATM is now a record $4.57, according to a recent analysis by Bankrate. That means you could pay up to 9 percent on a $50 withdrawal. The average fee has increased every year for the past decade. Experts says the prices keep edging upward because the overall use of ATMs is declining, likely thanks to the increased adoption of mobile payment tools like Apple Pay, Venmo, and others. "The cost of maintaining and upgrading ATM networks gets spread over fewer transactions each year," a Bankrate analyst told CNN.
Of course, there are plenty of workarounds: Rather than paying to access your own cash, you can use most bank apps to find in-network ATMs, and many debit cards offer free cash-back options when you make purchases.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Today's political cartoons - November 23, 2024Cartoons Saturday's cartoons - qualifications, tax cuts, and more
-
Long summer days in Iceland's highlandsThe Week Recommends While many parts of this volcanic island are barren, there is a 'desolate beauty' to be found in every corner
-
The Democrats: time for wholesale reform?Talking Point In the 'wreckage' of the election, the party must decide how to rebuild
-
US charges Indian tycoon with bribery, fraudSpeed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
-
Boeing machinists approve contract, end strikeSpeed Read The company's largest union approved the new contract offer, ending a seven-week strike
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
-
Ports reopen after dockworkers halt strikeSpeed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
-
Empty-nest boomers aren't selling their big homesSpeed Read Most Americans 60 and older do not intend to move, according to a recent survey
-
Brazil accuses Musk of 'disinformation campaign'Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
-
Disney board fends off Peltz infiltration bidSpeed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
