ROCHESTER, N.Y. – According to Bankrate, one of the fees we pay is going up but it’s a fee we can avoid.
These are the nuisance fees like ATM fees, overdraft fees and checking account fees. For years, the Consumer Financial Protection Bureau (CFPB) has been pushing banks to lower the fees but now that the CFPB has little to no power, are those fees on the way up? It looks like it’s a mixed bag.
It seems ridiculous to have to pay the banks to get your own cash but that’s exactly what happens when you use an ATM that’s not affiliated with your bank. According to Bankrate, those fees are going up.
Stephen Kates, Bankrate: “We’re seeing an average of about $4.86 across the nation. We’re seeing Atlanta have the highest averaging about $5.37.”
But overdraft fees have been in the crosshairs of Congress as well as the CFPB. That threat has served as motivation for banks to keep fees lower than we saw in 2022 when overdraft fees were as high as $37.
Stephen Kates: “It’s not that they are low. We’re still seeing an average of $27 per overdraft infraction but that is lower than the low $30s which was saw just a few years ago.”
Deanna Dewberry, News10NBC: “But certainly not the $8 that was proposed by the CFPB.”
Stephen Kates: “Not the $8 that was proposed.”
During the Biden administration, the CFPB was targeting what they called junk fees, pushing to cap overdraft fees at $8. The current administration has de-fanged the CFPB so while they’re not $8, competition is driving down those fees in some cities.
Deanna Dewberry: “There is something that really surprised me. That among the lowest overdraft fees, New York City. $23.58. You can hardly get a burger and fries for $23.58. Did that surprise you?”
Stephen Kates: “In some cases, we saw some very large cities on the bottom half of these rankings.”
But he reminds us that we have the power to control at least some of the fees we pay.
“These are avoidable fees. With a little bit of forethought and a little bit of planning you can try to avoid this,” said Stephen Kates. “You can link your savings account to your checking account to backstop your spending with your own money, your savings account, rather than the bank’s money.”
Or use your debit card at the grocery store and get extra cash when you make your purchase. Because ultimately the best fee is no fee.
Keep in mind that your total out-of-network ATM fee is the fee charged by your bank plus the fee the ATM owner charges. Dewberry took a look at the fees some our local banks charge. Some big banks like Chase, Wells Fargo and Citizens have the highest charge – $3. While smaller, regional financial institutions like Community Bank and Five Star Bank charge $2. ESL charges $2.50.
Again, we can avoid the fee altogether with a little planning and that’s your Consumer Alert.
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