TORONTO (680 NEWS) – While Canadian bank fees may seem steep, they’re nothing compared to our neighbours to the south.
Americans are now paying an average fee of $4.72 to withdraw cash from an ATM outside of their bank’s network. A survey from Bankrate.com survey says that’s a 33 per cent increase in fees over the last decade.
Houston, Texas has the highest average fees for using an out-of-network ATM at $5.58. In Canadian dollars, that’s $7.50 to withdraw money from a bank machine.
Out of the 25 U.S. cities studied, Los Angeles was home to the lowest fees, but even there it’s $4.15.
The reason the fees are so high – because they can be.