Study Shows Using ATMs Are Costing You Big Time

Using automatic teller machines outside of your network costs roughly 20 percent more than several years ago, according to a new study by the U.S. Government Accountability Office.

The average ATM transaction cost $1.75 in 2007, compared to $2.10 last year. Independently-owned ATMs fees ballooned to an average of $2.24, according to the study.

The study says “some independent ATMs may have surcharge fees that are higher or lower than those in GAO’s sample. In contrast, GAO estimates that the foreign fee–the fee assessed by financial institutions for using an ATM outside the institution’s network–generally stayed constant in dollar amount over this period.

“Consumers have many ways to obtain cash without incurring fees, such as using ATMs within their financial institution’s network.”

source.

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