ATM and overdraft fees hit record highs

The average fee levied on U.S. customers making an out-of-network ATM withdrawal has hit a record-high of $4.52 per transaction in 2015, according to a new survey by the consumer financial services website Bankrate.com. 

The new figure represents a 21 percent rise since 2010, when the average ATM fee was $2.33, according to the website’s survey that year. The averages were calculated by combining the ATM fees imposed by the ATM operator and the customer’s own bank. 

The highest average ATM fees in 2015 were seen in Atlanta ($5.15), New York ($5.03) and Phoenix ($4.88). San Francisco ($3.85), Cincinnati ($3.86) and Kansas City ($4.01) witnessed the lowest average ATM fees. 

The average overdraft fee, according to Bankrate, also hit a record-high of $33.07. That figure saw a 9 percent jump from 2010, when the fee was $30.47. 

The highest overdraft fee was seen in Milwaukee ($34.79), while the lowest was in San Francisco ($30.35). 

“The most important thing for consumers to know is that all of these fees are completely avoidable,” said Bankrate.com’s Chief Financial Analyst Greg McBride. “Shop around for a bank or credit union that fits your lifestyle so that you can keep more of your hard-earned cash.”

The annual Bankrate survey also highlighted another negative trend for customers — the scarcity of free, non-interest checking accounts. Only 37 percent of non-interest checking accounts are not considered completely free, down from 76 percent in 2009.

An additional 58 percent of non-interest checking accounts can potentially be fee-free if customers meet certain requirements, which most commonly come in the form of direct deposits.