Question of the Day: What is the average fee when you overdraw your checking account using your debit card?
- What do you think are the reasons that people spend more money than what they have in their checking accounts?
- What has been the trend with overdraft fees since 2013?
- What are ways that you can prevent your account from being overdrawn (spending more than you have in your account)?
Behind the numbers (MoneyRates.com):
The average overdraft fee is now $32.75 per occurrence. While this is down slightly from $32.84 in the previous survey, it is still a large dollar figure which is made worse by the fact that overdraft charges tend to come in bunches.
The NGPF Online Bank Simulation is a great way to to teach your students how to manage an online bank account (and avoid those pesky overdraft fees!).
About the Author
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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