Consumer financial services company Bankrate reported on Tuesday that banks aren’t charging people more to access their own money.
In its latest study, Bankrate found that out-of-network ATM fees have hit record highs every year since 2004. However, the actual cost sunk slightly compared to last year, down 8 cents to $4.64. That’s the lowest it’s been since 2016.
Bankrate attributed this dip to several banks offering temporary fee waivers in response to the COVID-19 pandemic. It includes the surcharge banks levy on non-customers who use their ATMs, now at an average of $3.08, down a penny since last year’s record high.
Banks also charge their customers around an average of $1.56 for using someone else’s ATM. Bankrate, however, said this fell for the third straight year and is the lowest since 2013.
The New York-based personal finance site analyzed fees on interest and non-interest bearing accounts, as well as debit and ATM fees at 10 banks and thrifts in 25 large U.S. markets.
Banks raise other types of fees
However, Bankrate found that banks did increase other types of fees
