Out-of-network ATM fees are the lowest they have been in 15 years, with the average rate falling from $4.72 to $4.64, according to a Bankrate study cited in a CNBC report.
The dip is attributed to banks offering temporary fee waivers related to the COVID-19 pandemic. These include the surcharge banks levy on non-customers who use their ATMs, which is now at an average of $3.08, and the penalty banks charge customers for using another institution's ATM, which is at an average of $1.56.
Bankrate analyzed fees this summer on interest and non-interest-bearing accounts, as well as debit and ATM fees at 10 banks and credit unions in the 25 largest U.S. metro areas, according to the report.
The study showed Cleveland had the sixth-highest average of out-of-network ATM fees, at $4.91, just below No. 5 Washington, D.C. at $4.93 and just above No. 7 Pittsburgh and Phoenix, which were tied at $4.88. The highest fees recorded were in Atlanta, at $5.60, and the lowest fees were in Chicago at $4.11.
The study also revealed banks increased other types of fees during this time period. 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.
Source: ATM Marketplace