Tips to avoid record high ATM fees

Consumer

HARRISBURG, Pa. (WHTM) — In this week’s “Show Me the Money” report, ATM fees are at a record high. We have some tips on how you can avoid some of those fees.

The average cost for withdrawing cash from an out-of-network machine is now $4.72, that’s up 33% over the last decade.

Customers are not only being charged by the ATM operator but also in many cases their own bank. The reason? Fewer Americans are using cash and in turn ATM’s. That’s increasing the costs banks charge you.

But you can avoid some of those fees, the simplest way is to stick with ATM’s in your bank’s network.

Also, check to see if your bank offers ATM fee rebates. Some banks refund any charges ATM owners add to your withdrawal.

Another tip, instead of going to the ATM for quick cash, many places like grocery stores, offer cashback when you pay with a debit card.

And of course you can always go cashless, but remember, if you are using credit, it is important to pay off that balance every month otherwise your interest payments will likely be higher than those ATM fees.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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