Economy

NYers Face Harsher ATM Fees Than Nearly Anyone in Nation, Study Finds

NYers Face Harsher ATM Fees Than Nearly Anyone in Nation, Study Finds”

The average ATM surcharge rose to $2.97, from $2.90 last year, a 13-year high.

Bankrate looked at 10 banks and thriefs in each of 25 large USA markets and surveyed associated ATM and debit card fee policies from 247 institutions offering checking accounts to come up with the data.

ATM fees have hit a record high for the 11th year in a row. And New Yorkers have it worse than nearly anyone in the nation.

"In the Chicago area, some of the bigger local banks actually have lower fees than what a lot of the big players charge, so on a relative basis, that helps Chicago fare a lot better than some other markets that don't have that", said Greg McBride, Bankrate.com chief financial analyst. Pittsburgh, New York, Washington, D.C., and Cleveland have the highest.

When you cheat on your bank by withdrawing cash from a competitor's ATM, a warning message on the screen makes it clear customers will likely face various fees.

This is the easiest way to avoid fees altogether.

Out-of-network ATM fees and overdraft fees in the Chicago area are seventh lowest among the 25 top metro areas, according to a new Bankrate.com report.

That's up 55 percent over the last decade.

Free checking accounts are holding steady, with 38 percent of banks offering free non-interest checking accounts to all customers, the study found. Banks love when you don't use their ATMs. "You do not want a $5 cup of coffee costing you $40".



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