ATM fees didn't increase in 2020 for the first time in 15 years—here's why. (via CNBCMakeIt)
For the first time in 15 years, banks aren't charging you more to access your own money, according to anLike clockwork, out-of-network ATM fees hit record highs each year since 2004, the personal finance site found. But this year, the average cost actually dipped slightly compared to 2019, falling to $4.64 from $4.72. That's the lowest level seen since 2016.
Bankrate analyzed fees on interest and non-interest bearing accounts, as well as debit and ATM fees at 10 banks and thrifts in the 25 largest U.S. metro areas this summer. "One other option is getting cash back at the point of sale when using a debit card," McBride says. "Banks don't charge and very few merchants do either, amounting to a free withdrawal."However, banks did increase other types of fees. The average non-sufficient funds fee hit a new record of $33.47 this year, up from $33.36 in 2019 and $23.74 a decade ago.
Luckily, there was a "notable" increase in free accounts, per Bankrate. Almost half — 47% — of non-interest accounts are free, an increase of five percentage points from last year.
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