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How To Handle Increasing Card and Account Fees
Manage episode 449312712 series 3614284
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Main Themes:
- Rising Bank Fees: Banks are increasing fees across the board in 2024, impacting ATM withdrawals, overdraft services, and monthly account maintenance. This trend is attributed to pandemic-era waivers expiring and the need to offset rising operational costs.
- Record High ATM Fees: ATM fees have reached a 26-year high, with out-of-network withdrawals costing an average of $4.77. This is fueled by factors like rising ATM installation costs, decreased cash usage, and the need for operators to generate more revenue.
- Overdraft Fees Increase After Decline: While overdraft fees saw a decrease in previous years, they are on the rise again in 2024. The average fee is $27.08, and nearly all banks continue to charge for this service. The Consumer Financial Protection Bureau (CFPB) is proposing regulations to curb excessive overdraft fees.
- Difficulty Avoiding Fees on Interest Checking Accounts: The minimum balance required to waive monthly service fees on interest checking accounts has reached a record high of $10,210. This presents a challenge for consumers seeking to maximize their earnings on interest-bearing accounts.
- Accessibility of Free Checking Accounts: Despite fee increases in other areas, free checking accounts remain readily available. Nearly half of non-interest checking accounts are free, while many others offer fee waivers for setting up direct deposit.
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