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By Kathryn 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. Learn how you can avoid blowing your budget on ATM and checking fees.
Monthly maintenance fee for interest checking
Minimum balance to avoid fee
APY on interest/dividend earning accounts
8.1 times the bank national average2
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 $4.68 per transaction. That’s 36 percent higher than it was in 2008.3
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 fee1 plus ATM rebates 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.
An Alliant Visa® debit card provides access to more than 80,000 surcharge-free ATMs1. Alliant also offers ATM rebates:
Kathryn Pins is a marketing content specialist at Alliant. She’s passionate about finding and communicating meaningful financial information with Money Mentor readers. Kathryn is a saver who gets more excited about certificates and her Roth IRA than shopping. When she does spend her earnings, it’s on furthering her education, travel, unique experiences, and loved ones.
1. Alliant will rebate ATM fees up to $20 per month per membership account when you use your Alliant Visa Debit Card to make a deposit, withdrawal, transfer or balance inquiry. The rebate does not apply to cash advances from Alliant Visa credit cards through ATMs nor to the Alliant Convenience card and Visa International Service Assessment (ISA) fees. Not all ATMs accept deposits.
2. APY=Annual Percentage Yield. The 10/01/2018 High Rate Checking dividend provides an Annual Percentage Yield (APY) of 0.65% APY. The APY is accurate as of the 9/25/2018 dividend declaration date. Checking dividend may change after account is opened and is subject to change monthly. There is no minimum balance requirement to open an Alliant checking account or to earn the stated APY. Checking Dividends are paid on the last day of each month to checking accountholders who have opted out of receiving paper statements (receive eStatements only) and have a recurring monthly electronic deposit to their Alliant checking account each month (e.g., a direct deposit, payroll deposit, ATM deposit, mobile check deposit or transfer from another financial institution). Otherwise, Alliant checking accounts do not earn a dividend. Alliant checking has no monthly service fee; however, if incurred, fees such as a stop payment or NSF fee will apply. Please refer to the Alliant Fee Schedule for a list of these types of fees. Account is subject to approval. We may not open checking for you if you do not meet Alliant criteria. Comparison based on Alliant Credit Union 0.65% APY as of 10/01/2018 vs. the bank national average savings rate as of 10/01/2018 sourced from National Association of Federal Credit Unions in cooperation with SNL Financial and Datatrac Corp.