Bank Fees Are On the Rise
Banks are charging higher fees for such things as using out-of-network ATMs and covering overdrafts. More than ever before, the advantages of credit unions are adding up.
According to a new report from Bankrate, the average fee for using an out-of-network ATM rose to a record $4.52 per transaction over the past year. It is up by 21% in just the past five years.
Overdraft fees are also at record highs, averaging $33.07. They are up 9% since 2010, Bankrate said.
It seems that banks will get your money any way they can.
But there are alternatives, and by far the best of these is to join a credit union.
Another recent Bankrate investigation found that credit unions offer some of the fairest deals around, with fewer “gotchas” and lower fees overall.
In fact, nearly three quarters of credit union checking accounts (72%) have no balance requirements, and are free of monthly maintenance fees.
Overdraft fees at credit unions average $26.78, and out-of-network ATM fees average just $1.50.
You’ll also find that credit unions routinely beat banks on auto loan rates, and credit card rates.
So, if your bank is raising fees for the same level of service, maybe it’s time for a change.
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