LENDINGTREE, INC. 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 | Overdraft | ATM | Monthly | Rank - | Rank - | Rank - |
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
Megan.greuling@lendingtree.com
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SOURCE DepositAccounts.com
