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ATM Charges Have Hit a Document Excessive—and These Cities Have It the Worst

Wednesday, October 4th 2017. | Tips and Tricks

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No feeling is worse than operating out of money when you’re out and about. Should you can’t discover an ATM that’s related to your financial institution, you might be caught shelling out a number of additional bucks to refill your pockets. Been there, achieved that, and never doing it once more—in case you can keep away from it.

Now, there’s one more reason to hold round loads of money: ATM charges have hit a report excessive for the eleventh yr in a row, in accordance with a brand new survey. Knowledge crunchers at Bankrate, a finance evaluation firm, evaluated 10 banks and thrifts throughout 25 U.S. markets. General, they discovered that the typical charge for an out-of-community ATM withdrawal is $four.sixty nine per transaction. That’s a rise of two.6 % from final yr and fifty five % in comparison with 10 years in the past. Yikes!

Sadly, charges in all probability gained’t drop anytime quickly, in accordance with Bankrate chief monetary analyst Greg McBride. “Individuals are smarter about their cash, and they’re utilizing much less money and making fewer ATM withdrawals,” he advised USA TODAY. Banks hike up their costs as the necessity for his or her providers declines. (Right here’s why swiping your debit card as “credit score” wastes your cash, too.)

ATMs in Pittsburgh cost the very best charges within the nation, averaging $5.19 per withdrawal. The Huge Apple got here in second place, with a mean withdrawal value of $5.14. Different cities with expensive ATM charges embrace Washington D.C. ($5.eleven), Cleveland ($5.eleven), and Atlanta ($5.05). In the meantime, these in Dallas can breathe a bit simpler; they solely pay a mean of $four.07 per withdrawal, the bottom within the nation.

However fortunately, you possibly can keep away from most charges by planning forward. “The very fact is charges are persevering with to go up, however they’re avoidable,” McBride stated in a press release. “Clients aren’t hostage to charges.”

Should you’re determined for money, discover a close by ATM that’s in your financial institution’s community, or get money again at a retailer through the use of your debit card. It’s additionally sensible to make a behavior of preserving some money in your pockets always, even in case you frequent locations that settle for debit or bank cards. Higher to be protected than sorry, proper? Don’t miss 20 extra secrets and techniques your financial institution teller gained’t inform you.

[Source: USA TODAY]

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