Average ATM fees in the U.S. hit record high of $4.52

Posted Oct 7, 2015 by Owen Weldon
A new survey shows the cost of getting money out of ATMs that are not in the network has risen 21 percent in a five-year span.
A banking customer uses an ATM at a Wells Fargo Bank branch in Oakland  California.
A banking customer uses an ATM at a Wells Fargo Bank branch in Oakland, California.
Justin Sullivan, Getty/AFP/File
The national average is now higher than $4 per transaction. The study was conducted by, and its annual checking account survey figured in the two fees many consumers are hit with when they decide to get cash from an ATM that is not within their bank's network. The national average for using another bank's machine is $1.64 per transaction, while the national average for a convenience fee is $2.88 per transaction.
The cities with the most expensive average ATM fees include Atlanta ($5.15/transaction), New York ($5.03/transaction), Phoenix ($4.88/transaction), Miami ($4.84/transaction) and Milwaukee ($4.78).
The cities with the lowest average ATM fees included San Francisco, Cincinnati, Kansas City, Dallas and Seattle. The fees range from $3.85-$4.21, on average.
Stefanie O'Connell, a financial expert, said the increase in ATM fees coincides with the low interested rates consumers have been seeing. She added that in a low-interest environment, banks don't make as much from lending, and increasing their fees is a way for them to generate revenue.
Banks have also blamed the spike in fees on pressure to reduce other fees they charge, such as overdraft fees. Also, fewer people are using ATMs today than they were a few years ago.
O'Connell said that there is more technology and more apps, as well as more ways to pay and this all means people don't need as much cash as they used to need.