Out-of-network ATM withdrawal fees hit record highs

Fees for using an ATM outside of a banking network have soared 33% in the last decade to an average of $4.72 per transaction.
1:27 | 10/02/19

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Transcript for Out-of-network ATM withdrawal fees hit record highs
New trouble at the atm. Fees have reached a record high and may keep climbing. Rebecca Jarvis has the details. Not what people want to hear. When you use an atm that's outside your banking network to take out cash you're not just charged by that company, but you're also charged by your bank in many cases for using a foreign atm and according to a recent survey by bank rate the average total cost for an atm withdrawal has hit a record $4.72. That is up 33% over the last decade and there are a couple of factors that are driving this. First of all, fewer Americans are using cash. So banks are spreading those fees out over a smaller group of people. Banks also tend to hike fees when interest rates are lowered like the fed just did in July and, George, the fed is expected potentially to lower rates again going forward. How can you aside these rising fees? It's pretty simple actually to do it but you have to plan ahead. First of all, stick to using your own bank's atm. You won't get hit with charges if you do that. You can use your debit card to make purchases at stores and then request the cash back and then there's also going cashless, George. You have to plan a little ahead for that but you can take advantage of the credit card instead. But make sure you don't spend money you don't have if you are doing that. Thanks very much. Boy, just have somebody else pay for it, the best way to do it. All right, Rebecca, we'll turn

This transcript has been automatically generated and may not be 100% accurate.

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