Question of the Day: What is the average total cost to withdraw money from an out-of-network ATM?
Want your money? It's gonna cost ya...
- 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?
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."
Be sure to check out the Online Bank Simulator to help your students manage a bank account in the digital age.
For more resources focused on checking accounts, go to the NGPF Checking Unit page.