Photographed by Rockie Nolan.
Between JP Morgan Chase, Bank of America, and Wells Fargo, Americans paid $6 billion on ATM and overdraft fees last year. Even without counting fees charged by smaller banks, that’s an average of $25 for every adult in the country. The numbers are public for the very first time — 2015 is the first year that banks are required to disclose the information.
The situation is so egregious that both Bernie Sanders and Hillary Clinton addressed it in their presidential campaigns. Sanders promised to cap the fees at $2, while Clinton has called the charges “usurious.” The average ATM fee in America is now over $4.
If you, like many of us, sometimes find that you have a tenuous grasp on your finances, there are ways to avoid the fees. When it comes to ATM fees, it may be as simple as going a little bit further out of the way to access your own bank’s ATM or using the “cash back” option that many stores offer. When it comes to overdraft fees, most banks actually allow consumers to opt out. It won’t protect you if a check bounces or you keep charging a card after you’re in the red, but it will stop you from taking cash out of an ATM if you’re already overdrawn.
Like what you see? How about some more R29 goodness, right here?
Facebook Shares Everything It Knows About Your Money
The Secret To Getting A $2,800 Tax Refund This Year
The Sexual Harassment Women In This Job Face Will Give You Chills