Answer: $30.80

Questions:

• Do you know the monthly fees that you currently pay on your bank account? 
• Why do you think young people seem to have a higher tolerance for fees (fees have to be higher from them to consider a switch) than older generations? 
• Would it surprise you that 1/3 of bank customers wouldn't switch accounts no matter what the monthly account maintenance fees are? What do you think accounts for this inertia when it comes to switching bank accounts?

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (from NerdWallet):

Around a third of Americans who have a bank account (33%) wouldn’t switch banks because of monthly account management fees, no matter how much they cost, according to a NerdWallet survey. This follows a recent NerdWallet analysis that found that checking and savings account maintenance fees combined could cost a person $12,648 over their lifetime.

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Did you know that NGPF has two Online Bank Simulation activities: a short-form [30-40 minute] as well as an extended version [60-90 minutes].

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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