Question of the Day (Updated): What is the average fee when you overdraw your checking account using your debit card?

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Nov 02, 2020
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Question of the Day, Checking Accounts

Answer: $33.47


Questions:

  • 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 1998? Why do you think banks are charging more for fees (on average)? 
  • What are the ways that you can prevent your account from being overdrawn (spending more than you have in your account)? 

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): 

"The cost of overdrawing your checking account hit a new record high this year, increasing to an average of $33.47. The average overdraft NSF fee is 11 cents higher than last year and rose for the twentieth time in the past 22 years."

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The NGPF Online Bank Simulation is a great way to teach your students how to manage an online bank account (and avoid those pesky overdraft fees!).

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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.