Week two of Financial Literacy Month and Opening Day for my Pittsburgh Pirates — not sure which as me more excited for a Monday! ;o)

My Questions of the Day is around ATM fees: Which banks are charging ATM fees, and how much are they charging? 

According to this USA Today article from Fall 2014, the average ATM fee charged in the US has skyrocketed to $4.35 per transaction, a figure that includes both the out-of-network fee your bank charges you and the fee the ATM owner charges. USA Today says the latter fee is the one that has increased dramatically.

One thing I didn’t realize is that ATM fees vary by location. For example, Phoenix currently has the highest average fee ($4.96), while Cincinnati has the lowest of major cities included in the survey ($3.75). Your students could use this Bankrate tool to find the ATM fees charged by major banks in their hometown or the city where they’d like to attend college. The “Other ATMs” column is what you’re charged as a customer for using an out-of-network ATM, and the “ATM Surcharge” is what the bank charges non-customers for using their ATMs. Here’s a sample from my hometown:

So, if you’re happening through Western Pennsylvania, and you need to use an out-of-network ATM, First Niagara or PNC Bank looks like the way to go.

You might also want to direct students to NerdWallet, where they can sort checking account options specifically for those that don’t charge ATM fees; as you may have guessed, most are internet banks. Here’s a Two Cents blog that lists (basically) the same info and includes the details of how each account works.

No matter what, this little Question of the Day and exploration could be a great supplement to your curriculum as you teach students to beware of checking fees NGPF has a full lesson on the topic, too, if you’re interested.

About the Author

Jessica Endlich

When I started working at Next Gen Personal Finance, it's as though my undergraduate degree in finance, followed by ten years as an educator in an NYC public high school, suddenly all made sense.