ATM Fees at Record High Posted by AVCU on 10:16 AM

According to a study by Bankrate.com, the average fee for using an out-of-network ATM has risen to $4.57, capping 10 straight years of increase. The out-of-network ATM transaction fees are comprised of an average of $2.90 by the ATM owner and $1.67 from the account holding institution.

The increase is driven by fewer people using ATMs, which results in the cost of maintaining and upgrading ATM networks being spread over fewer transactions each year.

Cities with the lowest average ATM fees:

• San Francisco $3.90
• Cincinnati $3.92
• Dallas $4.22
• Los Angeles $4.28
• Boston $4.33
• Philadelphia $4.33

Cities with the highest average ATM fees:

• Phoenix $5.07
• Atlanta $5.05
• Cleveland $4.98
• Miami $4.94
• Denver $4.88

Complete story reported by Money.com