Survey ATM Fees Reach Record High

According to a new survey by Bankrate.com, ATM fees have reached a record high for the 10th straight year. The average cost for an out-of-network cash withdrawal now averages $4.57, according to the survey, which examined both surcharge and out-of-network fees.

"With ATM fees now at an average of $4.57, an unplanned stop at the ATM for $20 will cost nearly 23% in fees," said Greg McBride, Bankrate.com's chief financial analyst. "A little advanced planning when making withdrawals can add up to big savings for consumers in the long run."

Part of the problem, experts explained, is the increasing pressure banks are facing to find additional income. ATMs provide an easy method of adding to the bottom line. However, whether the ATM industry has reached "peak fee" is a question that remains in dispute. And while dissatisfaction over perceived high fees briefly became a topic of interest early in the current election cycle, there can be little doubt that many consumers are feeling the pinch and are not happy with the long-term trend.

Cities with the dubious honor of boasting the highest fees for ATM withdrawals were Miami, Denver, Phoenix, Cleveland and Atlanta. San Francisco, Boston, Los Angeles, Dallas and Cincinnati offered some of the lowest ATM fees in the nation.