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By Alliant Credit Union
All checking accounts are not created equal. Some financial institutions charge you just to have a checking account, or charge a monthly fee when your balance is under a certain amount. And most banks charge you whenever you use an ATM that isn’t inside one of their own locations. Learn how you can avoid blowing your budget on ATM and checking fees, and how Alliant’s free checking — now with ATM Rebates!1 — can help you save without compromising on convenience or service.
Checking account maintenance fees:
ATM fees are a huge part of the cost that many Americans pay for their checking accounts, and they have been steadily increasing – up over 23% in the past five years. The average ATM fee, according to BankRate.com, now stands at $4.35 per transaction.1 One of the reasons ATM fees are so high at many big banks is what CNN Money’s Blake Ellis calls “a double-fisted hit.” First you pay a fee to the ATM’s owner, and then on top of that, your bank charges you a fee for using an ATM outside of its network.
And even though a fee of a few dollars may not sound like a lot, if you have a bank checking account and use out-of-network ATMs often, the cost adds up very quickly. “While paying that four or five bucks every once in a while isn’t going to put you in the poor house,” said BankRate.com’s Greg McBride, “routinely paying it could.”
A great solution to save on ATM and checking fees without compromising on convenience and service is an Alliant free checking account3 — now with ATM Rebates of up to $20 each month.1
If you don’t yet have an Alliant checking account, consider switching today. If you use ATMs a lot, you could save up to $240 a year! It’s quick and easy to make the change.
Alliant checking is more valuable and convenient than ever.