Matthew L. Brown
Reporter- Boston Business Journal
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Greater Boston bank customers get whacked a little harder than most when they overdraw their checking accounts, according to the results of a Bankrate Inc. survey.
On average, banks in the Boston area charge customers $33.32 when they overdraw their accounts.
The national average is $32.20, up nearly $1 from last year’s average of $31.26, according to Bankrate, which surveyed 10 of the largest banks and thrifts in 25 of the country’s largest banking markets in July and August.
Of the 25 markets surveyed, Boston was one of nine where average nonsufficient funds charges were more than $33. The others were Atlanta, Denver, Houston, Miami, Milwaukee (the most expensive at $34.16), Minneapolis, St. Louis and Tampa.
Overall, Bankrate said checking account fees, including overdraft fees, ATM fees and monthly account maintenance fees hit records this year as banks continued use them to compensate for low interest rates.
Boston did a little better than most in the ATM surcharge department. The area’s banks average ATM charge was $2.55 compared to a national average of $2.60, which was a up 10 cents from last year.
Metro areas where banks charge the most for ATM use include Cincinnati, Houston, Phoenix and Milwaukee, where the average ATM surcharge was $2.95.