It’s now more expensive than ever to spend your own money by skleb1234
Steadily rising bank fees mean that it’s becoming more expensive to spend your own money, with consumers now having to pay more than ever to take out cash from an ATM.
The average fee to withdraw money from an out-of-network ATM has hit a record high of $4.72, which is up 33% over the past decade, according to aThat all-in fee includes both the ATM surcharge and the penalty that banks charge their own customers for making withdrawals outside of their network. Most consumers understandably try to dodge ATM-owner fees, as the average ATM surcharge was $3.09—a record high for the 15th year in a row. On the other hand, banks are also charging customers who take out cash from an out-of-network ATM an average penalty of $1.63. That number decreased slightly from last year.
“When it comes to ATM fees, much like healthcare, going outside the network is going to cost you,” says Greg McBride, chief financial analyst at Bankrate. “Plan ahead as to where and when you make your withdrawals.” Going into overdraft is also becoming steadily more expensive: fees for overdrawing your account have increased 19 times in the past 21 years. The average overdraft fee is $33.36, up slightly from last year, but down two cents from its 2017 peak of $33.38. The good news is that there are ways to avoid paying fees for using your own money, McBride says.
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ATM fees reach a record average of $4.72 per withdrawal, with more comingATM fees hit record highs this year and faster hikes may be on the way. That&39;s because the Fed is cutting rates, crimping bank profit margins
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ATM bank fees hit a record high — and it's draining your cashGot a cash emergency? You should think twice before you run to the nearest ATM for a withdrawal. That's because it's now even more costly to take money from an ATM that's outside your bank's network, according to Bankrate.com.
Weiterlesen »
How ATM Fees Grew To Record Highs—$4.72 Average Out-Of-Network Withdrawal CostIt’s now more expensive than ever to spend your own money.
Weiterlesen »
ATM fees reach a record average of $4.72 per withdrawal, with more comingATM fees hit record highs this year and faster hikes may be on the way. That&39;s because the Fed is cutting rates, crimping bank profit margins
Weiterlesen »
ATM bank fees hit a record high — and it's draining your cashGot a cash emergency? You should think twice before you run to the nearest ATM for a withdrawal. That's because it's now even more costly to take money from an ATM that's outside your bank's network, according to Bankrate.com.
Weiterlesen »