Metro Detroiters Paying Higher ATM Fees, According To Survey

DETROIT (CBS Detroit) - It's money that we're basically wasting. Metro Detroiters are paying some of the nation's highest out-of-network ATM fees.

According to a report released this week by Bankrate.com, those living in and around Detroit are paying nearly  $4.50  per transaction — ranking the region ninth among major U.S. cities. Phoenix topped the list at nearly $5 followed by Denver and San Diego.

Here are some more of the best and worst:

Highest Average ATM Fees*
1. Phoenix $4.96
2. Denver $4.75
3. San Diego $4.70
4. Houston $4.67
5. Milwaukee $4.66

Lowest Average ATM Fees*
25. Cincinnati $3.75
24. San Francisco $3.93
23. Pittsburgh $4.03
22. St. Louis $4.12
21. Los Angeles $4.13

(*Reflects both ATM fees combined (those charged by the ATM operator and those charged by the consumer's own financial institution)

Detroit did a bit better when it came to overdraft fees, with an average of $33 is 14th-highest out of 25 large markets.  Philadelphia topped that list at almost $35, followed by Milwaukee and Phoenix.

Highest Average Overdraft Fees
1. Philadelphia $34.80
2. Milwaukee $34.47
3. Phoenix $34.45
4. Boston $34.37
5. Denver $34.20

Lowest Average Overdraft Fees
25. San Francisco $26.74
24. Los Angeles $29.47
23. San Diego $30.22
22. Cincinnati $30.44
21. Dallas $31.33

The overall average overdraft fee set a new record high for the 16th consecutive year, at $32.74, according to the report.

"Punitive-type fees, such as ATM fees and overdraft fees, have shown the most consistent increases over time," said Greg McBride, CFA, Bankrate.com's chief financial analyst, in a media release. "While this trend is unlikely to reverse, consumers should recognize that ATM fees and overdraft fees can be avoided completely."

Bankrate surveyed a total of 10 banks in each of 25 large U.S. markets. for this report.

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