Study ranks checking, ATM fees in 50 US markets
A new study by DepositAccounts.com has analyzed checking account fee data from more than 1,700 financial institutions in 50 major markets in the U.S. to determine which FIs charge the most and least in checking account fees — including third-party ATM fees.
Among the findings in the 2018 Bank Fee Burden Rankings:
- Florida has some of the highest bank fees overall — West Palm Beach, Orlando, Tampa, and Miami topped the rankings.
- Oklahoma City, Salt Lake City, Kansas City, and St. Louis have some of the lowest fees in the country.
- Philadelphia has the highest third-party ATM fees at $2.58 compared with a national average of $2.28.
- New Orleans has the highest monthly fees at $7.17 compared with a national average of $4.58.
- Harrisburg, Pennsylvania, has the highest overdraft fees at $36.14 compared with a national average of $33.97
The study found the lowest fees at credit unions and online banks, with online banks averaging lower fees overall than CUs, a blog about the study said.
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Third-party ATM fees averaged from 30 cents for online banks to $2.41 for brick-and-mortar banks. The average fee for credit unions was $1.46. A number of online banks and credit unions do not charge third-party ATM fees, which had the effect of lowering the overall averages for online banks and credit unions.
The five metro areas with the highest average third-party ATM fees were Philadelphia, Cleveland, Indianapolis, West Palm Beach, Florida, and Columbus, Ohio. The average third-party ATM fees of these metro areas ranged from $2.45 in Columbus to $2.58 in Philadelphia.
The five metro areas with the lowest average third-party ATM fees were Oklahoma City, New Orleans, St. Louis, Kansas City and San Antonio. The average third-party ATM fees of these metro areas ranged from $1.94 in San Antonio to $1.31 in Oklahoma City.
View all rankings by category and market.