Denver has the highest ATM surcharges and bounced check fees in the nation, according to ‘s 2011 checking study.
At $2.75, Denver’s average ATM surcharge is 15 percent higher than the national average of $2.40.
At $33.50, Denver’s average bounced-check fee is 9 percent above the national average of $30.83.
The ATM surcharge is the fee charged if customers use ATMs outside of their bank’s network, according to Ted Rossman, spokesman for Bankrate.
The findings caught Colorado banking officials by surprise.
Don Childears, president and chief executive of the Colorado Bankers Association, said it doesn’t appear to make sense.
“Assuming it is correct, I don’t know why it would be higher,” Childears said. “I know there are real costs behind these fees. There are significant expenses that cause the fees.”
Cristie Drumm, Colorado spokeswoman for Wells Fargo, said that nationwide Wells Fargo’s fees are fairly standard.
“They wouldn’t be higher in Colorado,” she said.
But some customers said — based on personal experience — the findings weren’t a surprise.
Randy Kilbourn, a Denver resident on Social Security disability, said, “high ATM fees really hurt those of us who are on fixed incomes.
“Now there is news that Social Security is going to require everyone who currently receives a paper check to go direct deposit. Those people who survive on Social Security need every penny they can scrimp and ATM fees put quite a dent in our monthly budget,” Kilbourn said.
Linda Sears suggested that people stop using ATMs.
“All the grocery stores will cash checks for accounts in good standing and one can always go into the bank to cash a personal check,” she said. “One pays for convenience. Also, all banks do not charge for ATM use. Colorado State Bank doesn’t. Change banks.”
Colorado State Bank and Trust says its ATM and check cards can be used without incurring charges at any ATM in the continental United States.
The Bankrate study said that the $2.40 national average ATM surcharge is a new high for the seventh consecutive year — up 3 percent from $2.33 last year.
The average nonsufficient funds fee — commonly known as an overdraft or bounced-check fee — set another record of $30.83, up 1 percent from $30.47 last year.
Mary Jane Rogers, spokeswoman for JPMorgan Chase, said the bank considers its Colorado customers to be smart.
“We feel our customers are pretty savvy about how to avoid ATM surcharges and overdraft fees,” she said.
Howard Pankratz: 303-954-1939 or hpankratz@denverpost.com
Cities with the highest fees
ATM SURCHARGES
1. Denver, $2.75
2. San Diego, $2.70
3. Houston, $2.69
4. Seattle, $2.63
5. New York, $2.60
NONSUFFICIENT FUNDS FEES
1. Denver, $33.50
2. Miami, $33.05
3. Houston, $33.03
4. Dallas, $32.44
5. Philadelphia, $32.40
