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

Answer: 

Overdraft: $24.93
Maintenance: $5.14
Out-of-network ATM: $1.77

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 (Forbes):

• Overdrawing a checking account remains expensive. The average overdraft fee across institutions in 2021 is $24.93.
• Monthly maintenance fees average $5.14 in 2021 across all institution types (traditional banks, online banks and credit unions). Online banks and credit unions charge the least, if it all.
• The average fee for using an out-of-network ATM is $1.77. However, many online banks and credit unions, and some traditional banks, don’t charge this fee (or they reimburse a certain number of transactions each month).
• Overall, online banks and credit unions tend to charge lower fees than traditional banks.
• You can often avoid checking account fees by strategically choosing where you bank and paying close attention to how you bank.

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Implement this Question of the Day and more Banking content using NGPF's NEW Semester Course!

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Engage your students with another great activity, CARTOONS: Checking Account Fees

About the Author

Mason Butts

After graduating from UCLA with a Master's in Education, Mason spent 5 years as a science educator in a South Los Angeles public high school. He is committed to supporting the holistic growth of all students and empowering them to live a life of relational, academic, and financial success. Now settled in the Bay Area, Mason enjoys facilitating professional developments and partnering with educators as they prepare students for a bright financial future. When Mason is not building curriculum or planning a training, he can be found cycling, trying new foods, and exploring the outdoors.