ATM Fees Rise to Record Highs, Again
ATM fees have now set new records each years for 10 straight years, according to a new study from Bankrate. However, credit union members still get a better deal than bank customers do.
Bankrate.com’s 19th annual checking survey found that the total cost of using an out-of-network ATM withdrawal is now $4.57, on average.
This combines the surcharge from the ATM operator with the fee imposed by the customer’s bank.
Breaking this down, ATM surcharges rose to $2.90, while average fee charged by a consumer’s own bank for going outside the ATM network increased 1.8 percent, to $1.67.
Credit Unions Offer the Best Deals
Another recent Bankrate investigation found that credit unions offer some of the fairest deals around, with fewer “gotchas” and lower fees overall.
In fact, out-of-network ATM fees for credit union members average just $1.50.
And lest you think that CU members are more likely to be “out-of-network” than mega-bank customers are, think again: most CUs belong to nationwide ATM cooperatives.
While your credit union may have fewer ATMs than local banks do, you’ll probably have fee-free access to thousands of ATMs owned by other credit unions across the country.
This is just another example of how credit unions offer the best deals.
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