Fees have long been a major moneymaker for banks. While public pressure has forced institutions to scale back some charges from record highs, consumers are still being dinged.
Bounce a payment because the amount exceeds your available checking account balance? Expect to pay an average of $26.58 for insufficient funds, according to a recent study by Bankrate. If the bank covers the payment, you’ll be charged nearly $30. That does not include interest on the amount borrowed.
Take money out of an ATM not on your institution’s network and you will pay an average of $4.66, Bankrate says. The non-customer fee from the ATM owner is now $3.14 on average, up 6 cents from the year before. The list goes on and on with charges for not keeping a minimum balance, international transactions, and for wire transfers in and out.
Two smart moves will improve your situation vis-à-vis your bank: Examine what you are paying in fees now. And look for a better deal.
Tropical Financial Credit Union offers an account that works for the member. Daily Rewards Debit requires no minimum balance and has no monthly service charge.
Free services include:
- Online bill payments to utilities and other services with a minimum one payment per month
- Tropical Financial mobile app for checking balances, moving money
- Overdraft service if you also have a savings account and authorize automatic transfers to cover a checking account payment
- ATMs on the Tropical Financial network. If you go out of network, the ATM owner or system may charge you.
- Monthly statements that you can download and print
- Notary service
Other institutions offer similar checking accounts. Daily Rewards is different in that it pays you 2 cents for every retail purchase you make and puts the money into your account the next day. With so many businesses now letting you tap your card, those pennies can add up fast, as much as 80 cents a day.
For more information about Daily Rewards and other Tropical Financial accounts, visit the checking accounts webpage.
