Average out-of-network ATM fees are $4.25 in St. Louis, compared with a high of $5.28 in Detroit, according to a recent Bankrate.com report. The national average is $4.68, a record for the 14th year in a row.
The large number of banks and stiff competition for customers in St. Louis keeps fees low, said Kirk Briden, president of Banker’s Caddy, a St. Louis analytics and advisory firm. “We have a higher concentration of banks per capita than most markets,” he said. “They have to keep fees low to attract customers. It’s bad news for banks here but good news for customers.”
“We don’t want to burden our good customers with additional costs to be our customers when they are out of town or across town,” said Rick Bagy, president of Central Bank of St. Louis, which charges a $3 out-of-network ATM fee to cover its costs, though it does not control non-customer fees charged by other banks. “The other bank’s fee should be disclosed on the screen before you complete the transactions, and be careful, as some ATMs at casinos and gas stations charge quite a bit more.”
St. Louis is tied with Chicago for the sixth lowest average overdraft fee, $32.20. Philadelphia is the highest at $35.50, and San Francisco is the lowest at $31.44. The national average is $33.23, 0.5 percent lower than last year. The most common overdraft fee is $35, which also is the fee at Central Bank of St. Louis.
The report was based on a survey of 10 banks and thrifts in each of the U.S. markets conducted in July and August, Bankrate.com said.
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