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

The company reported that the average fee for interest-bearing accounts climbed to $15.50, which is nearly three times the average amount of non-interest checking account holders pay at $5.27.

Almost three-quarters of interest accounts require customers to keep that balance in either their checking account or at the bank in order to avoid that fee. However, according to Bankrate data, direct deposit is a way to waive this fee on 21 percent of these accounts. That’s up from 19 percent in 2019 and 16 percent in 2018.

Bankrate also found that minimum opening balances are rising. The average amount needed to open an interest-bearing checking account skyrocketed since last year — going from around $575 to near $971 this year. Bankrate said that’s only about $15 away from the record-high of $986, set in 2007.

How to avoid bank fees

Greg McBride, Bankrate’s chief financial analyst, shared tips on how to avoid many of these fees:

1. Instead of visiting an out-of-network ATM, consumers can avoid additional charges by asking for cash back when making a debit card purchase.
2. Consumers can avoid balance requirements and monthly fees by looking for a free, typically non-interest account.
3. Consumers should avoid interest checking accounts, with their high balance requirements, high monthly fees, and low yields averaging just 0.04 percent.
4. Avoiding costly overdraft fees requires keeping close tabs on your checking account balance, and specifically the amount available for immediate withdrawal.

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