A new survey shows the average fee for using an out-of-network ATM rose four percent over the past year to a record $4.52 per transaction.The average overdraft fee also set a new record ($33.07) and is up nine percent since 2010.
According to the bankrate.com survey Atlanta is the priciest city to make an out-of-network transaction ($5.15) and San Francisco is the cheapest ($3.85) [all of these figures reflect both ATM fees combined: those charged by the ATM operator and those charged by the consumer’s own financial institution].
. Milwaukee has the nation’s highest average overdraft fee ($34.79) and San Francisco again has the lowest ($30.35).
About 37% of non-interest checking accounts are completely free, the lowest percentage since Bankrate.com began these annual surveys in 1998. The trend has been flat in recent years (38% of non-interest checking accounts were free to all customers in each of the past two years). Free checking peaked in 2009 (76%).
An additional 58% of non-interest checking accounts can become free if customers meet certain requirements (the most common is direct deposit). Those who aren’t able to secure a fee waiver face an average monthly service charge of $5.86 (up 11% from last year).
Highest Average Overdraft Fees
Lowest Average Overdraft Fees
Bankrate surveyed a total of 10 banks and thrifts in each of 25 large U.S. markets. This included one interest and one non-interest account at 243 institutions that offer checking accounts. In total, 237 interest and 233 non-interest accounts were surveyed between July 9 and August 5, 2015.
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