DepositAccounts.com Releases 2018 Bank Fee Burden Ranking

DepositAccounts.com Ranks Places with the Highest and Lowest Bank Fees

News provided by

Jul 11, 2018, 10:00 ET

CHARLOTTE, N.C., July 11, 2018 /PRNewswire/ -- DepositAccounts.com, a subsidiary of LendingTree, released its 2018 Bank Fee Burden Ranking on the places with the highest and lowest bank fees in the U.S.

Checking account fee data from 1,711 banks and credit unions with branches in 50 of the largest U.S. metro areas was analyzed using DepositAccounts.com's proprietary database of depository product data. Checking account fee data from online banks was also analyzed. The study focused on three of the most common checking account fees: overdraft fees, third-party ATM fees and monthly service fees.

Key findings from the analysis:

Florida has some of the highest bank fees overall – with West Palm Beach, Orlando, Tampa and Miami receiving the highest Bank Fee Burden Scores.
Oklahoma City, Salt Lake City, Kansas City and St. Louis have some of the lowest fees in the country, with the lowest Bank Fee Burden Scores among the 50 metros DepositAccounts.com analyzed.
Harrisburg has the highest overdraft fees at $36.14 versus the national average of $33.97.
Philadelphia has the highest third-party ATM fees at $2.58 versus the national average of $2.28.
New Orleans has the highest monthly fees at $7.17 versus the national average of $4.58.

Lowest Fees at Online Banks and Credit Unions

For all three fees, online banks had the lowest fee averages. Credit unions' averages were higher, and the average fees at brick-and-mortar banks were the highest. The study shows that consumers will benefit from lower checking account fees by choosing online banks and credit unions over brick-and-mortar banks.

The average overdraft fees at online banks, credit unions and brick-and-mortar banks were close to each other. The averages ranged from $27.37 for online banks to $34.91 for brick-and-mortar banks. The average overdraft fee for credit unions ($29.22) was between the two, but it was closer to the online bank average than the brick-and-mortar bank average.

More variation occurred in third-party ATM fee averages. These ranged from $0.30 for online banks to $2.41 for brick-and-mortar banks. The average fee for credit unions was $1.46. The variation was attributed to a number of online banks and credit unions which do not charge third-party ATM fees. These brought down the averages at both online banks and credit unions.

The study also found a large variation between the averages of monthly service fees. These averages ranged from $0.78 for online banks to $5.12 for brick-and-mortar banks. Credit unions fell in the middle with an average of $1.38. The low averages for online banks and credit unions were due to institutions with checking accounts that had no monthly service fees.

	Overdraft Fee	ATM Fee	Monthly Fee
All banks and credit unions	$33.97	$2.28	$4.58
Bricks and mortar banks	$34.91	$2.41	$5.12
Credit unions	$29.22	$1.46	$1.38
Online banks	$27.37	$0.30	$0.78

"One way to reduce and avoid bank fees is to use online banks or credit unions instead of brick-and-mortar banks," said Ken Tumin, founder of DepositAccounts.com. "Checking accounts at online banks and credit unions tend to have lower overdraft fees, ATM fees and monthly service fees than checking accounts at brick-and-mortar banks. Also, they are more likely not to charge third-party ATM fees or monthly service fees."

For the full report on the 2018 Bank Fee Burden Ranking, visit https://www.depositaccounts.com/blog/2018-bank-fee-burden-rankings-places-highest-lowest-bank-fees.html.

Rank	Metro	Bank Fee Burden Score	Overdraft Fee	ATM Fee	Monthly Fee	Rank - Overdraft Fee	Rank - ATM Fee	Rank - Monthly Fee
1	West Palm Beach	95	$35.06	$2.48	$6.36	4	4	3
2	Orlando	83	$34.76	$2.42	$5.60	12	7	9
3	Tampa	78	$34.73	$2.40	$5.36	13	11	12
4	Miami	77	$34.66	$2.32	$6.26	16	17	4
5	Phoenix	77	$34.44	$2.38	$6.24	20	12	5
6	Philadelphia	76	$34.71	$2.58	$4.56	14	1	24
7	Las Vegas	73	$33.95	$2.36	$6.50	27	14	2
8	Washington	73	$34.79	$2.41	$4.31	9	8	27
9	Atlanta	72	$34.81	$2.24	$5.96	8	30	7
10	Baltimore	70	$34.91	$2.43	$3.75	6	6	36
11	Columbus	69	$34.87	$2.45	$3.61	7	5	38
12	Chicago	69	$34.78	$2.38	$4.47	11	13	26
13	Cleveland	67	$35.24	$2.52	$2.96	3	2	47
14	Detroit	65	$34.79	$2.41	$3.72	10	9	37
15	Cincinnati	63	$35.04	$2.40	$3.42	5	10	43
16	New York	62	$34.47	$2.25	$4.95	19	27	14
17	Pittsburgh	60	$35.25	$2.34	$3.19	2	16	45
18	Milwaukee	60	$33.75	$2.30	$4.84	28	19	16
19	Indianapolis	59	$34.43	$2.49	$3.50	21	3	40
20	San Francisco Bay	59	$33.34	$2.29	$6.02	37	21	6
21	Nashville	59	$34.62	$2.35	$4.06	17	15	33
22	Hartford	57	$34.70	$2.32	$4.05	15	18	34
23	Memphis	56	$34.53	$2.24	$4.60	18	29	22
24	San Diego	53	$33.37	$2.23	$5.61	35	31	8
25	Dallas	52	$33.97	$2.17	$5.29	26	36	13
26	Harrisburg	52	$36.14	$2.26	$2.39	1	24	50
27	Sacramento	51	$33.53	$2.20	$5.43	33	33	10
28	Jacksonville	49	$34.28	$2.10	$4.89	24	41	15
29	Birmingham	48	$33.97	$2.13	$4.82	25	39	17
30	Greenville	47	$33.48	$2.24	$4.68	34	28	20
31	Houston	47	$33.37	$2.18	$5.41	36	35	11
32	Louisville	46	$34.39	$2.29	$3.53	22	23	39
33	Portland	45	$33.28	$2.26	$4.66	38	26	21
34	Charlotte	41	$33.17	$2.26	$4.24	39	25	28
35	New Orleans	41	$32.96	$1.84	$7.17	42	49	1
36	Austin	40	$33.63	$2.02	$4.80	30	45	18
37	Raleigh	40	$31.87	$2.29	$4.51	48	20	25
38	Seattle	37	$32.33	$2.29	$4.23	46	22	29
39	Denver	35	$33.62	$2.13	$4.18	31	40	30
40	Boston	33	$33.54	$2.16	$3.94	32	37	35
41	Minneapolis	31	$33.69	$2.18	$3.41	29	34	44
42	Albuquerque	31	$32.33	$2.06	$4.79	45	43	19
43	Greensboro	30	$32.63	$2.10	$4.56	43	42	23
44	Norfolk	27	$33.13	$2.23	$3.44	40	32	41
45	Grand Rapids	25	$34.33	$2.02	$2.46	23	44	49
46	San Antonio	21	$32.50	$1.94	$4.09	44	46	31
47	St. Louis	21	$33.00	$1.84	$4.08	41	48	32
48	Kansas City	11	$32.28	$1.87	$3.43	47	47	42
49	Salt Lake City	11	$29.01	$2.13	$2.81	50	38	48
50	Oklahoma City	5	$29.13	$1.31	$3.06	49	50	46

About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online loan marketplace, empowering consumers as they comparison-shop across a full suite of loan and credit-based offerings. LendingTree provides an online marketplace which connects consumers with multiple lenders that compete for their business, as well as an array of online tools and information to help consumers find the best loan. Since inception, LendingTree has facilitated more than 65 million loan requests. LendingTree provides free monthly credit scores through My LendingTree and access to its network of over 500 lenders offering home loans, personal loans, credit cards, student loans, business loans, home equity loans/lines of credit, auto loans and more. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.

About DepositAccounts.com
DepositAccounts.com is the largest and most comprehensive online publication in the U.S. dedicated to banking and deposits product information for consumers. It covers every federally insured bank and credit union and utilizes its patented technology to track approximately 275,000 consumer deposit rates, each updated nightly. The site features more than 11,000 editorial articles detailing depository strategies and highlighting current bank rates and offers. It is also home to one of the largest communities of depositors on the Web, hosting more than 100,000 comments, customer reviews, and forum threads.

MEDIA CONTACT:
Megan Greuling
704-943-8208
[email protected]

SOURCE DepositAccounts.com