Why ATM Fees Now Cost More Than Your Cup Of Joe At Starbucks

Which costs more? A cup of coffee at Starbucks (which is already not cheap) or the average ATM fee?

Believe it or not, the typical out-of-network ATM fee can now set you back more than that morning cup of joe.

ATM fees for out-of-network locations have hit a record average cost of $4.57 a pop, says a Bankrate.com survey.

That’s because you’re getting charged twice – once by your bank, and once by the financial institution controlling the ATM machine.

Those charges can add up. Stopping at the ATM for a quick $20 withdrawal can cost you almost 25% in fees, if you don’t plan ahead.

To save money, check your bank’s website for a list of in-network ATM machines, or switch to a bank that reimburses you for out of network fees.

Those savings can really add up!

 

About Mari Adam

Mari Adam, Certified Financial Planner™ and President of Adam Financial Associates Inc, has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!

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