Milwaukee hit hard by bank fees
MILWAUKEE- In a new survey from Bankrate.com, Milwaukee is being hit hard by bank fees.
Bankrate surveyed a total of 10 banks and thrifts in each of 25 largest U.S. markets.
This included one interest and one non-interest account at 245 institutions that offer checking accounts.
In total, 240 interest and 233 non-interest accounts were surveyed in August 2013.
Nationwide, the average overdraft fee is up for a 15th consecutive year, increasing three percent to a record-high $32.20.
Milwaukee topped the country with the highest overdraft fees at $34.16.
"The higher overdraft and ATM fees roughly correlate with the rate of inflation," said Greg McBride, CFA, Bankrate.com's senior financial analyst.
The average cost for going outside the ATM network is $4.13, a new high that is up two percent from last year.
Milwaukee was second highest in this category behind Denver with a rate of $4.59.
In 2012, Milwaukee's ATM fees were at $3.99 and overdraft fees were at $32.26.
McBride said he doesn't believe this trend will stop over the next several years, which is why he added that people need to be smart with their money and avoid these fees.