Want your money? It's gonna cost ya...

Answer: $4.73

Questions:

• Did you know that there is a charge for taking cash out of an out-of-network ATM? Do you think most people who use ATMs that are out-of-network are aware of this charge?
• Why do you think there is a charge to use an ATM that is out-of-network?
• What are some strategies you can use to avoid out-of-network ATM fees?

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

Behind the numbers (Bankrate):

"For the fifth year in a row, 100 percent of ATM-owning banks in Bankrate’s study reported charging non-customers for using their ATMs. The average surcharge levied by ATM owners is now $3.15, up slightly from last year’s record of $3.14 and marking the 22nd record high in the past 25 years.

In all, the average total cost of an out-of-network ATM transaction is now $4.73, which combines the average fee of $1.58 charged by one’s own bank with the average surcharge of $3.15 levied by an ATM-owning bank."

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Be sure to check out the Online Bank Simulator to help your students manage a bank account in the digital age. 

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For more resources focused on checking accounts, go to the NGPF Checking Unit page.

About the Author

Ryan Wood

Ryan is the Partnerships and Adoption Manager for Next Gen Personal Finance’s midwest region. He brings his experience as a former teacher, curriculum designer, and sales and marketing professional to state organizations and school districts in supporting the implementation of their personal financial education efforts. He graduated from the University of Wisconsin-Green Bay and earned his teaching credential from Saint Mary’s University in Winona, Minnesota. He proudly taught at two rural high schools in Wisconsin before transitioning to curriculum design at NGPF, and is now excited to be on the front lines in delivering the best possible financial education in the midwest. He and his wife have three beautiful daughters, each of which inspire him to share the impact of being sound financial stewards both at home and as lifelong learners.

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