Some ATM fees hit record high

A new report finds the fees have reached record highs.

Nationally, the average overdraft fee rose 9 percent over the past five years to $33.07.

They’re designed for convenience, but at ATM’s across the country some consumers are paying a heavy price to get their money.

Getting your hands on your cash has never been so expensive, according to a Bankrate.com survey that found the national average out-of-network ATM fee has risen to $4.52, marking the ninth year in a row that ATM fees have increased. The cities with the lowest average ATM fees included San Francisco, Cincinnati, Kansas City, Dallas and Seattle. If a person uses a machine owned by a different bank they are charged a further $2.88. 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). Bankrate’s Greg McBride says all of these fees are avoidable.

The average debit card user withdraws cash from ATMs just twice a month, down significantly from a decade ago, thanks to increased availability of cash back services at supermarkets and drugstores and electronic alternatives to cash, according to a recent study by consulting firm Oliver Wyman. If you do have to use an out-of-network ATM, it can be hard to know how much you’ll have to pay, because fees vary by ATM operator and location, so the best thing you can do is plan ahead and minimize how often you incur ATM fees.

That’s 18 cents higher than the national average.

This same survey shows overdraft fees are at an all time high as well. So be sure to keep an eye on your accounts!