Chicago has the seventh-highest ATM fees in the nation, but Windy City consumers who overdraw their checking accounts get a break compared with depositors elsewhere, according to Bankrate.com’s 17th annual checking survey.
Chicago’s average fee for using an ATM outside of a bank’s own network is $4.59 per transaction, compared with the national average of $4.35. That’s a new U.S. high for the eighth straight year.
Cities with higher out-of-network ATM fees are: Miami, Milwaukee, Houston, San Diego, Denver and, topping the list at $4.96, Phoenix.
Consumers typically encounter two ATM fees when using an out-of-network machine: the surcharge by the ATM owner and the fee that one’s own bank charges for using an out-of-network ATM. Bankrate.com combined the two fees.
Bankrate surveyed a total of 10 banks and thrifts in each of 25 big U.S. markets. It looked at one interest and one non-interest account at 247 institutions.
The average overdraft fee has set a new record for almost every year Bankrate.com has done the survey.
Chicago’s average overdraft fee was $31.80, tied with Kansas City, Mo., for the sixth-lowest. The national average was $32.74.
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Cities with lower overdraft fees were: Dallas, Cincinnati, San Diego, Los Angeles, and, at $26.74, San Francisco.
Fees for using out-of-network ATMs rose 5 percent over the past year and are up 23 percent over the past five years, Bankrate.com said.
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