ATM Fees Are Rising; Here's How To Avoid Them

NEW YORK, NY — There's nothing more infuriating than having to pay money to access your own money — but many banks across the country continue to charge their customers to withdraw cash from ATMs, and the price users pay is going up and up.

According to a new study from Bankrate.com, ATM fees have hit a record high average of $4.69 per withdrawal. It's the 11th year in a row the report found an increase in these fees.

If you use an ATM that isn't owned by your bank, you can get charged twice. First, the owner of the ATM can slap you with a fee — which averages $2.97, according to the study, up from $2.90 the previous year. You're also likely to be charged by your bank for using someone else's ATM, at an average cost of $1.72 per transaction. (For more national stories, subscribe to the Across America Patch to receive daily newsletters and breaking news alerts.)

Perhaps the most amazing thing about ATM fees, though, is that nobody should really have to pay them. Here are some tips to get around paying.

1. Download the Allpoint app.

Allpoint is a geo-located app that will find a fee-free ATM near you. If your financial institution is a part of Allpoint's large network, the app should be able to locate a nearby ATM that won't charge you anything to take out your money. However, your bank may still charge you for using an ATM operated by any other institution.

There are a few other apps that provide a similar service, including MoneyPass and ATM Hunter. Find which one works for you.

2. Use your own bank's ATMs.

As long as you're withdrawing money from an ATM owned by your bank — or even a live teller! — you shouldn't face any additional fees. Some banks have their own apps that will locate their closest ATM for you.

3. Take money out at the store.

If you use your debit card to pay at a grocery story or other outlet, you're often given the opportunity to withdraw cash from your bank right at the cashier. You won't be charged any extra fee for taking out money this way, so it's a convenient way to avoid costly trips to the ATM.

Plan ahead at the beginning of your week and figure out when you might need cash in the coming days. If you get in the habit of making withdrawals at the grocery store, you should be able to avoid most ATM fees.

4. Just use your card.

Fewer and fewer occasions require cash these days. Using your debit or credit card instead of cash whenever possible can both make life easier and help you avoid unnecessary fees.

5. Change your bank.

Bank policies differ, and you shouldn't be afraid to give your money to a new institution if you're not happy with the fees. Some banks won't charge you on their end for using an ATM, and some will even reimburse you if you're charged a fee by another bank to withdraw money from your account.

Find out what your bank's policies on ATM fees are. If you don't like them, find another bank that won't charge you. For example, Charles Schwab Bank doesn't charge ATM fees and will reimburse if you get hit with one, according to NerdWallet.

Another hidden fee to watch out for: overdraft fees. Most banks will charge you if your balance drops below zero. Customers may be charged $35 or more for withdrawing more money than they have in their accounts, Bankrate.com found.

But this fee should be easy to avoid.

“When it comes to ATM and overdraft fees, a little advance planning can go a long way,” said Bankrate.com Chief Financial Analyst Greg McBride. “Knowing where you can make free ATM withdrawals and monitoring your available balance to avoid overdrafts are as close as your smartphone.”

Methodology: To conduct the study, Bankrate.com surveyed the fee structures of 10 banks at each of the 25 largest American cities.

Photo by Matt Cardy/Getty Images