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ATM fees on the rise, again

ATM fees have risen an average of five percent the past year.

By Heather Records
A woman takes out money at a Bank of America ATM in Washington, DC. (UPI/Billie Jean Shaw)
A woman takes out money at a Bank of America ATM in Washington, DC. (UPI/Billie Jean Shaw)

NEW YORK, Sept. 29 (UPI) -- Anytime a customer takes money from an ATM that is not owned by their bank they get slapped with fees to get that money out.

And according to Bankrate, those fees have jumped five percent in the past year.

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A customer is charged $4.35 on average per transaction.

Part of the reason banks are hiking up those fees? People are being smarter about using out-of-network banks. So they are increasing fees to make up for losses.

According to Bankrate's chief financial analyst, Greg McBride ATM fees have exploded in the past five years by a whopping 23 percent.

ATM fees aren't the only fees on the rise, overdraft fees have also gone up.

On average, a customer is charged $32.74 every time they take out more money than what they think is in their account.

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