You likely use an ATM at times to get cash, but are you paying attention to the fees?
ATM fees are at a 26-year high, rising again this year, and SLO Credit Union CEO Donna Severs says it’s no surprise.
“The increase in cost is expected,” Severs said.
According to Bankrate, the average for ATM fees this year per transaction is $4.77, up slightly from $4.73 last year.
Severs says there are many reasons why banks may charge out-of-network fees, including covering the costs of the ATM itself.
“The cost of installing an ATM has gone up with all the latest technology and safety features. They cost more,” Severs said.
Overdraft fees are also up, according to Bankrate, averaging $27.08 for each transaction compared to $26.61 last year. Severs says there is a reason for the fees.
“They started charging fees to help educate people on how to avoid paying those fees,” Severs said.
She adds that one way to avoid overdraft fees is to have an overdraft option like linking your savings account to your checking account.
