According to a recent survey conducted by Bankrate.com, in 2020 “the total cost of the average out-of-network ATM withdrawal is $4.64. That’s the lowest it’s been since 2016 and a decrease of 8 cents in the past year.”
Additionally, the survey found that “ATM surcharges, on average, cost non-customers $3.08, down a penny since last year’s record high. It’s only the second time in the survey’s history that the average ATM surcharge has decreased — with the last coming in 2004. But the average ATM surcharge is still at the second highest amount in the history of Bankrate’s Survey.”
Location, Location, Location
ATM fees tended to differ depending on the location. Those using out-of-network ATMs in Atlanta ($5.60), Tampa ($5.20), and Detroit ($5.18) saw much higher ATM fees than customers in Seattle ($4.19), Los Angeles ($4.17), and Chicago ($4.11).
Why the Reduction in Fees?
Bankrate found that many banks are offering temporary fee waivers because of the COVID-19 pandemic. This includes the surcharge that many banks require of non-customers who utilize their ATMs, now averaging $3.08 per use, and the fees that banks charge their own customers who use a non-bank ATM, now averaging $1.56 per use.
To find these results, Bankrate surveyed “a total of 10 banks and thrifts in each of 25 large U.S. markets; one interest and one non-interest account, as well as their associated ATM and debit card fee policies were surveyed from 245 institutions offering checking accounts; 239 interest and 235 non-interest accounts were surveyed between July 23 to Aug. 19, 2020.”