It Now Costs More to Get Your Own Money From an ATM

How much do you think the average American pays in ATM fees. If you guessed less than a Venti Starbucks, you'd be wrong.

Newser reports on findings from the Wall Street Journal that say the average ATM user pays $4.52 every time they get money from a machine not connected to their bank. This is a combination of charges from the ATM owner and your bank.

If it seems like a lot more than you're used to paying, you're right. The report says that this number is a 21% increase from just five years ago. So why are ATM fees rising? Experts believe that the jump in price is due to the fact that it's actually easier to get money out of your account for free in other places.

When shopping with your debit card at the grocery store, for example, there's no cost to get cash back with your purchase. This has caused the amount of ATM visits to drop over the past ten years. People using ATMs has fallen 41% in that time. In 2005 the average person visited the ATM 3.4 times a month, now that number is down to 2.

We want to know what you think. Do you still use the ATM as much as you did? Will you use it less if there are cheaper ways to get your money elsewhere?