According to a new analysis, Houston has some of highest ATM and overdraft fees in the country. The Houston area averages $4.38 for ATM fees and $33.53 for overdrafts, which ranks as the fifth highest in the United States according to Bankrate.com.
Conducting a survey of the 10 largest banks and thrifts in the 25 largest U.S. markets, Bankrate.com found that the nation's ATM fees and overdraft fees have reached an all-time high. The ATM fee for each city combines the fees charged by the ATM operator with those charged by the bank of each consumer.
At $4.70, Denver ranks highest in the U.S. for the average ATM fee, while Baltimore, at $3.59, ranks the lowest.
The national average rate at which a consumer's financial institution will charge per transaction has risen 10 cents from last year's average rate of $2.50, and the national average of an entire transaction, which includes the ATM operator fee, is up by two percent, with the national average at $4.13. Average overdraft fees in the U.S. are at $32.20, up almost $1 from last year's average of $31.26.
At $4.70, Denver ranks highest in the U.S. for the average ATM fee, while Baltimore, at $3.59, ranks the lowest. As for overdraft fees, Milwaukee ranks highest with an average of $34.16, and San Francisco ranks lowest at $27.18.
Greg McBride, senior financial analyst from Bankrate.com, said in a statement that “the higher overdraft and ATM fees roughly correlate with the rate of inflation.”
Additionally, the Bankrate.com analysis shows that only 38 percent of banks currently offer free non-interest checking accounts, which is down 38 percent from just four years ago.