ATM fees on the rise: Report

Out-of-network ATM fees are at an all-time high and overdraft fees are also increasing, according to a new report from
2:52 | 10/04/17

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Transcript for ATM fees on the rise: Report
Back now with our big board and the skyrocketing atm fees that could be hitting your bank account. It's not just one fee, that's the thing. It's more than one and ABC's Rebecca Jarvis is here with how closely you should watch your balance. Good morning to you, Rebecca. Good morning. You know what, fees, more than one fee. What is that all about? They are now, Michael and robin, at an all-time high and could cost you hundreds a year. The good news, though, you can totally avoid them if you know what to watch out for. If you feel like some atms are getting more than they're giving. They're too high. I don't think there should be such a high fee. It shouldn't be more than $1.50. Reporter: It's not just in your head. I have seen an increase in fees so I try to avoid it altogether. Reporter: According to a new report from out of network atm fees have never been higher. Up 55% in just the last decade. When you go outside the atm network, you're not usually facing one fee, oftentimes it's two fees, it's a fee from the atm owner as well as what your own bank charges you and together that can easily top $5. Reporter: For example, using an out of network atm used to cost about $2 in 1998 but today it's more than double to nearly $5. If you're hitting that same atm each week it's almost $250 a year in extra fees. Overdraft fees also soaring. The average per incident now $33.38. As people transition away from cash and get smarter about how they use their money and make fewer out of network transactions that is also a contributor to the steady increases we see each year. As he was saying we can get around these fees. That is the good news. There are a couple of ways to do it. First of all if you bank smaller, for example, with a community bank or a credit union, these usually belong to larger networks so if you go to an atm, double-check because it might actually be in network. You can check it through your bank's website and use a debit card at a point of sale so if you need to get cash, for example, at the grocery store, use that debit card, take some cash out. Then finally plan ahead and budget. If you are living on a cash budget, you can actually save money so go to that bank, your bank that you know you can take out money from and budget ahead for the week. Join a bank that you keep taking out money from right by your house, join that bank. A lot are going cashless. What are other ways to pay for your transactions. A couple, venmo, Google wallet, squarepay, all ways you can transfer money between accounts, for example, if I borrowed money from one of you I could transfer money back to you with one of these apps. They're very simple and straightforward. I'd lend you money. I'm not sure about Michael.

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