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By Katie Pins
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. In fact, rising fees means we're paying more for a checking account than we did 20 years ago.1 Ouch! Learn how you can avoid blowing your budget on ATM and checking fees.
Year after year, the average checking account fees continue to rise. This includes monthly service fees, ATM fees and overdraft fees.
Monthly maintenance fee for interest checking
No monthly maintenance fee
Minimum opening deposit to avoid monthly maintenance fee
APY on interest/dividend earning accounts
ATM fees are a huge part of the cost that many Americans pay for their checking accounts, and they have been steadily increasing in the past few years. The average ATM fee, according to Bankrate.com, now stands at $4.72 per transaction. That’s a record high for the 15th consecutive year.1
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. “If you’re in the market for a new checking account, look for a bank that’ll reimburse you for out-of-network ATM charges. Thirty-two percent of the banks in Bankrate’s survey offer customers free out-of-network withdrawals,” says Amanda Dixon in a Bankrate article.
A great solution to save on ATM and checking fees without compromising on convenience and service is an Alliant checking account without a monthly service fee plus ATM rebates up to $20 each month.19
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.
An Alliant Visa® debit card provides access to more than 80,000 surcharge-free ATMs nationwide.19 Alliant also offers ATM rebates:
Katie Pins is a marketer fascinated with finance. Whether the topic is about the psychology of money, investment strategies or simply how to spend better, Katie enjoys diving in and sharing all the details with family, friends and Money Mentor readers. Money management needs to be simplified and Katie hopes she accomplishes that for our readers. The saying goes, "Knowledge is Power", and she hopes you feel empowered after reading Money Mentor.
1. Information provided by Bankrate, a third party not related to Alliant Credit Union. Alliant is not responsible for the content at their site. https://www.bankrate.com/banking/checking/checking-account-survey/