Report: Philly Has Highest Overdraft Fees in America

Bankrate.com is reporting that Philadelphia has the highest bank overdraft fees in America — so, you know, it might be a good idea never to overdraft your account.

Philadelphia Business Journal reports:

Philadelphia beat out Milwaukee ($34.47), Phoenix ($34.45), Boston ($34.37) and Denver ($34.20) for top honors.

“Punitive-type fees, such as ATM fees and overdraft fees, have shown the most consistent increases over time,” said Greg McBride, Bankrate.com’s chief financial analyst, said in a statement. “While this trend is unlikely to reverse, consumers should recognize that ATM fees and overdraft fees can be avoided completely.”

PBJ has a lot more about this including how Philly stacks up in the cost of using out-of-network ATMs. More about the study can be found at Bankrate.com.