ATM Fees Soar to $4.86
Overdraft fees also hit $26.77, prompting consumers to ditch traditional banks for online alternatives
The average total cost of using an out-of-network ATM has reached a record high of $4.86, according to Bankrate's Checking Account and ATM Fee Study. This fee is comprised of two parts: the average surcharge levied by ATM-operating banks, which is $3.22, and the average fee from one's own bank for using an ATM outside its network, which is $1.64.
In addition to ATM fees, consumers are also being hit with high overdraft fees, which average $26.77. Nonsufficient funds (NSF) fees are also a significant burden, averaging $16.82. Monthly maintenance fees for interest checking accounts can also add up, with an average cost of $15.65.
To avoid these fees, many consumers are turning to online-only banks and credit unions, which typically have lower fees and higher yields than large brick-and-mortar banks. In fact, the average minimum balance required to avoid service fees for interest checking accounts is $10,705, making it difficult for many consumers to avoid these charges.
## Why it matters Bank fees can have a significant impact on consumers' budgets, with even small fees adding up quickly. With the average cost of using an out-of-network ATM at a record high, consumers are being forced to re-evaluate their banking options. By switching to online-only banks or credit unions, consumers can avoid these fees and keep more of their hard-earned money.
The growth of online-only banking has given consumers more options than ever before to avoid unnecessary fees. However, traditional bank fees can still impose a significant burden on many budgets. By understanding how bank fees work and how they are changing, consumers can make more informed decisions about their banking options and avoid unnecessary charges.
## What happens next As economic conditions, regulatory changes, and competitive pressures continue to fluctuate, bank fees are likely to change as well. Consumers will need to stay vigilant and continue to monitor their banking options to avoid unnecessary fees. By being more discerning about how and where they bank, consumers can take control of their finances and keep more of their money.
