And the fees just keep on rising……..
This is a brief article that points out that ATM fees and bounced check fees continue to rise. The average charge for using an ATM that you don’t hold an account at is $1.64. For those people who get charged by their own bank as well, it could put you over $3 to get your own money out of the bank. And let’s not forget that this is the cheapest method for the banks to give you your money as well. (ATM’s are far cheaper than you visiting one of their tellers)
It also points out that bouncing checks at the average bank is going to cost you a record $27.40. They do suggest using overdraft protection, but watch out for that too. Some banks charge you if you use overdraft protection.
All this just reinforces my belief that everyone should use credit unions. They are a “not for profit” entity and their fees and rates are MUCH better than commercial banks. Think you can’t join a credit union? Think again. They have credit unions that cover pretty much everyone now. The rules have been relaxed so that most credit unions will allow new members if you are simply a resident in a particular area.
http://www.kirotv.com/money/10188473/detail.html
I don’t understand why people continue to use these ATM’s when they know they’re going to pay so much. Obviously, if you’re traveling or run into a cash crunch– you need to use an ATM where ever you can find one. But if you plan around things in advance, you can avoid all these fees by taking out cash from your own bank ahead of time– or by using a DEBIT card!
In most cases, the banks are profiting off of pure laziness. And why shouldn’t they???