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Denver, Miami and Washington, D.C., are the three highest-priced U.S. markets for average overdraft service fees on consumer checking accounts, according to a study by economics research firm Moebs Services Inc. The Lake Bluff, Ill.-based company surveyed 2,041 financial institutions, including commercial banks, savings institutions and credit unions. Florida ranks as the highest-priced state for overdraft fees with an average of $29.55 per check, according to the survey. Miami-based financial institutions charge an average overdraft fee of $30.26, followed by Washington, D.C. at $28.15 and Denver at $28.02. The South, where the average overdraft price is $27.30, is the highest-priced region, according to the survey. The size of a financial institution also seems to have an effect on overdraft fees, the survey data show. Banks with more than $20 billion in assets charged an average of $33.43 per overdraft compared with $24.28 for financial institutions with less than $100 million in assets. The survey also found that 47.8% of banks and 57.9% of credit unions allow cardholders to overdraw their accounts when making purchases. Thirty-three and a half percent of banks and 40.5% of credit unions allow cardholders to overdraw their accounts at ATMs. Among all institutions, 36.9% allow cardholders to overdraw their accounts at ATMs.
