Atlanta is tops in the nation when it comes to ATM fees, according to a new study from BankRate.com. The study looked at metropolitan areas with the highest and lowest bank fees, including charges for insufficient funds.
Atlanta residents are getting hit with the highest fees for using out-of-network ATMs and also rank in the top 10 for highest overdrafts.
When it comes to combined ATM fees, the national average is $4.64, but Atlantans are paying $5.60. Meanwhile,
Chicago residents pay the lowest ($4.11).
Let’s look at the top 5 and lowest 5 when it comes to ATM fees.
| Cities With The Highest ATM Fees | Cities With The Lowest ATM Fees |
| 1. Atlanta- $5.60 | 25. Chicago- $4.11 |
| 2. Tampa- $5.20 | 24. Los Angeles- $4.17 |
| 3. Detroit- $5.18 | 23. Seattle- $4.19 |
| 4. Houston- $5.03 | 22. Boston- $4.28 |
| 5. DC Metro- $4.93 | 21. Cincinnati- $4.31 |
“To avoid fees, consumers should limit ATM withdrawals to within their own bank’s network, says Bankrate.com’s Chief Financial Analyst Greg McBride, CFA. “While large banks have large ATM networks, many smaller banks and credit unions belong to nationwide fee-free alliances that may have significantly more ATMs available than even the ATM networks of big banks. One other option is getting cash-back at the point of sale when using a debit card. Banks don’t charge and very few merchants do either, amounting to a free withdrawal.”
How To Stop Those Bank Fees
Here are some tips shared by McBride on how to cut down on bank fees.
- “Consumers can avoid balance requirements and monthly fees by looking for a free, typically non-interest account,” McBride says.
- “Avoid interest checking accounts, with their high balance requirements, high monthly fees, and low yields averaging just 0.04%.,” he adds.
- “Nearly 90% of non-interest accounts are free or can become free by signing up for direct deposit,” adds McBride.
Are you trying to become more financially literate? Check out Money Mondays at AtlantaFi.com, where we’ll share strategies to save and make cash.