Accessing the magic of banking is important, but watch out for the fees! 

Answer: 

Overdraft: $27.08
Monthly service fee: $15.45
Out-of-network ATM: $4.77

Questions:

• Do the averages for these fees seem reasonable to you? Explain why or why not.
• Why do you think banks charge a fee to use their ATM for users who don’t have an account at their bank?
• What kind of positive financial habits could you use to avoid as many banking fees and penalties as possible?

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

Behind the numbers (Bankrate):

"Other bank fees on the rise include overdraft fees, Bankrate found, with the average having climbed this year to $27.08, up from $26.61 in 2023. This increase comes after two straight years of declines, after the average overdraft fee had peaked at $33.58 in 2021. Overdraft fees are still charged by 94 percent of accounts, Bankrate surveyed, and they can run as high as $38.

Meanwhile, it may be getting harder to avoid monthly service fees for interest-earning checking accounts, with the average minimum balance required to waive such a fee climbing to a record high of $10,210, Bankrate’s survey found."

About the Author

Kathryn Dawson

Kathryn (she/her) is excited to join the NGPF team after 9 years of experience in education as a mentor, tutor, and special education teacher. She is a graduate of Cornell University with a degree in policy analysis and management and has a master's degree in education from Brooklyn College. Kathryn is looking forward to bringing her passion for accessibility and educational justice into curriculum design at NGPF. During her free time, Kathryn loves embarking on cooking projects, walking around her Seattle neighborhood with her dog, or lounging in a hammock with a book.

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