Answer (from new BankRate survey): $4.52

From USA Today article:

The average fee consumers pay to withdraw cash from an ATM outside their bank’s network is a record $4.52 per transaction, according to a new survey from Bankrate.com.

That amount is a combination of two fees, rather than one, which may come as a surprise to some consumers.

“Your bank, the majority of the time, is going to charge you,” says Greg McBride, chief financial analyst for Bankrate.com, a personal finance website. “And almost without fail the ATM owner is (also) going to charge.”

Here are some great follow-up questions to ask your students about this resource:

1. Did it surprise you that the charge includes TWO different charges? Why or why not?

2. 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?  

3. Why do you think there is a charge to use an ATM that is out-of-network?

Want this resource and questions in slide format to use in class? Click here!

————-

Teach your students how to manage their checking account with this NGPF Lesson: Beware of Checking Fees

About the Author

Tim Ranzetta

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.