The average cost for using an automated teller machine that isn’t
tied to a customer’s bank rose to a record $4.52 per transaction over
the past year, according to a survey from data provider Bankrate Inc.
In Atlanta and New York, the
average “out-of-network” cost tops $5 and can rise to as much as $8 in
some places under certain circumstances, Bankrate said.
The new
average rate reflects an increase of 21% over the past five years. The
spike is due in part to banks being under pressure from regulators and
consumer advocates to reduce other kinds of fees, such as overdraft and
certain credit-card charges.
Another reason: People just aren’t
using ATMs as much as they used to. Debit-card withdrawals at the ATM
are down 41% this decade, according to another recent survey, this one
by consulting firm Oliver Wyman.
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