ATM fees have reached all-time highs for the third consecutive year according to new information from Bankrate.

It creates financial challenges for consumers who increasingly rely on cashless payments but still need physical money in certain situations.

ATM fees now average $4.86 per transaction that's up 2% from last year.

Stephen Kates, a financial analyst for Bankrate, said the rising fees create a particularly difficult situation for modern consumers.

"It's particularly difficult because people are using cash less and less," Kates said. "And when they need it, they need it now."

The trend creates what Kates describes as a trap for consumers. Many people no longer carry cash regularly, instead using credit cards or mobile payment apps like Apple Pay for daily transactions. However,

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