Getting to your money using an out-of-network ATM is more expensive in Denver than almost any other market and heaven forbid you overdraw an account.
According to , Denver’s average $4.75 fee for an out-of-network ATM withdrawal — combining the fees charged by the ATM owner and your bank — is second highest in the nation and the average $34.20 overdraft fee is the fifth highest among 25 large markets.
Nationally, the average out-of-network ATM fee is a record-high $4.35 and the average overdraft fee is a record-high $32.74. Only 38 percent of banks offer free non-interest checking accounts to all customers, down from 76 percent five years ago.
The highest average ATM fees are in Phoenix ,$4.96, followed by Denver; San Diego, Calif., at $4.70; Houston at $4.67; and Milwaukee at $4.66. The lowest are in Cincinnati, at $3.75, followed by San Francisco, $3.93; Pittsburgh, $4.03; St. Louis, $4.12; and Los Angeles at $4.13.
The most common fee now, by a wide margin, is $2.50. The average fee assessed by one’s own financial institution for going outside the ATM network increased 3 percent to $1.58, also a new high.
Customers are dinged hardest for overdrawn accounts in Philadelphia, $34.80; Milwaukee, $34.47; Phoenix, $34.45; Boston, $34.37; and Denver. The lowest overdraft fees are in San Francisco, $26.74; Los Angeles, $29.47; San Diego, $30.22; Cincinnati, $30.44; and Dallas, $31.33.
To reach its conclusions, Bankrate surveyed a total of 10 banks and thrifts in 25 large U.S. markets. In total, 242 interest and 238 non-interest accounts were surveyed between July 10 and Aug. 6, 2014.
