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Heritage Foundation public finance economist E.J.Antoni analyzes current economic conditions and weighs the risk of recession on Making Money.
Getting cash from an automated teller machine (ATM) that is outside a consumer's network is more expensive than ever, and in some U.S. cities the average cost of accessing paper money is more than $5, according to fresh data.
A new study released by Bankrate this week found the national average combined fees for an out-of-network withdrawal has risen for the fourth consecutive year and hit a record high of $4.77.
Bankrate says average ATM fees in the U.S. are now at $4.77, the highest in the 26 years they have tracked the numbers. (iStock / iStock)
"If you make an out-of-network ATM withdrawal, expect to pay and pay more than ever before," Bankrate chief financial analyst Greg McBride told FOX Business in a statement. "Fees have increased again and you’ll typically pay two fees – one to the ATM owner and another to your own bank."
McBride suggests consumers confine their cash withdrawals to in-network ATMs or get cash back when using a debit card. He also recommends people find out if their bank participates in a nationwide ATM network that can be used free of charge.
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According to the findings, these are the cities with the highest average ATM fees in the country:1. Atlanta, Georgia – $5.33
Atlanta has the highest ATM fees in the U.S., according to Bankrate. (iStock / iStock) 2. San Diego, California $5.22
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In Phoenix, Arizona, (iStock / iStock) 4. Detroit, Michigan $5.185. Cleveland, Ohio $5.10
Cleveland’s average out-of-network ATM fees are now $5.10 (iStock / iStock)
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Bankrate studied which cities have the lowest ATM fees, too. Boston, Massachusetts, came in with the least expensive average at $4.16, followed by Seattle ($4.34), and Philadelphia, ($4.42).
