The cost of cash: ATM fees hit record high [Video]

(InvestigateTV) — A recent survey by Bankrate shows that ATM surcharges are at a record 26-year high.

Greg McBride from Bankrate said they found the typical ATM transaction costs $4.77.

“And the thing is you typically pay not just one but two fees when you do this,” McBride explained. “You’re going to pay the ATM owner as a non-customer, but also in about 60 percent of the cases you’re going to pay your own bank a fee for going outside the network.”

He urged consumers to plan their ATM trips ahead of time to avoid the out-of-network fees, pointing out that most banking apps have maps of ATM locations for their customers.

Bankrate has other tips to help reduce the costs of ATM trips:

• Get cash back at retailers instead of going to an ATM for withdrawals
• Use digital payment apps instead of cash
• Look for checking accounts that pay back out-of-network ATM fees

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