Study finds Philly has the highest ATM fees in the U.S.
Banks in Philadelphia charge their customers more than banks in any other city to make out-of-network ATM withdrawals, according to Bankrate.com.
Philadelphia has the highest out-of-network ATM fees in the country, according to a study from finance website Bankrate.com.
The survey, first reported today by the Philadelphia Business Journal, found that Philly banks charge their customers an average of $1.96 – more than lenders in any other city, who charge an overall average of $1.57 – for leaving the institution's ATM network. In addition, Philadephia ATM operators levy an average surcharge of $2.50 for noncustomer use, which is on par with the national average, though that average rose four percent, increasing for the eighth straight year.
The combination of the two fees charged by banks and by ATM operators causes many residents who use out-of-net-work ATMs to be slammed with a total surcharge of $4.46 for each out-of-network withdrawal, compared to a national average of $4.07, a figure that also set a new record this year after rising nearly seven percent.
Other cities whose banks charge high out-of-network ATM fees include Atlanta at $1.95, Miami at $1.90, Denver at $1.88 and Detroit at $1.86. Among the cities whose banks charge the lowest out-of-network ATM fees are Chicago at $1.10, Baltimore at $1.12 and Los Angeles at $1.20 and Cincinnati at $1.23.
The study also ranked Philadelphia among the top 10 cities with the highest overdraft fees, coming in at number nine out of the 25 places listed with an average of $31.70 per overdraft.