D.C.-area consumers pay some of the highest out-of-network ATM fees in the nation.
A new ranking from Bankrate.com say the average ATM cost in the D.C. region is now $4.92, tied with Cleveland for the sixth-highest average ATM fee.
Bankrate.com says banks are charging non-customers more than ever before to use their ATMs, based on its checking account surveys that date back more than 20 years. The average out-of-network ATM fee has risen for 14 straight years, up 53 percent in the last decade.
When a consumer uses an out-of-network ATM, there are usually two sides to the fees charged: that of the bank that owns the ATM and a fee from the consumer’s own bank. Bankrate says that fee has actually gone down, with an accountholder’s own bank charging an average of $1.66 for an out-of-network transaction, down from $1.72 last year.
“While ATM and overdraft fees are down slightly overall, these charges can add up fast. They do, however, remain completely avoidable and with minimal effort,” said Bankrate.com chief financial analyst Greg McBride.
Click here to read the rest of the article written by Jeff Clabaugh over at WTOP