Overdraft Fees Vary Sharply In Different Markets
LAKE BLUFF, Ill. – Consumers who overdraft their checking accounts in San Francisco pay a lot less than those who live in Miami.
The latest study from economic research firm Moebs $ervices shows the median overdraft price in San Francisco is $22.50, while Miami’s median is $30.95. “Obviously the institutions in the Bay Area of San Francisco recognize the consumer need for a safety net while in Miami an overdraft is still a penalty,” said Michael Moebs, economist and CEO of Moebs $ervices.
The following cities have median overdraft charges greater than $30: Atlanta, Cincinnati, Dallas, Las Vegas, Minneapolis (Minn.), New York, Philadelphia, Phoenix, Pittsburgh, Tampa (Fla.), and Washington. Boston, Kansas City, St. Louis, Sacramento (Calif.), San Antonio and San Diego offer overdrafts at $25 or less.