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By Alliant Credit Union
All checking accounts are not created equal. Some financial institutions charge you just to have a checking account, or charge a monthly fee when your balance is under a certain amount. And most banks charge you whenever you use an ATM that isn’t inside one of their own locations. Learn how you can avoid blowing your budget on ATM and checking fees, and how Alliant’s free checking — now with ATM Rebates!1 — can help you save without compromising on convenience or service.
Checking account maintenance fees:
ATM fees are a huge part of the cost that many Americans pay for their checking accounts, and they have been steadily increasing – up over 23% in the past five years. The average ATM fee, according to BankRate.com, now stands at $4.35 per transaction.1 One of the reasons ATM fees are so high at many big banks is what CNN Money’s Blake Ellis calls “a double-fisted hit.” First you pay a fee to the ATM’s owner, and then on top of that, your bank charges you a fee for using an ATM outside of its network.
And even though a fee of a few dollars may not sound like a lot, if you have a bank checking account and use out-of-network ATMs often, the cost adds up very quickly. “While paying that four or five bucks every once in a while isn’t going to put you in the poor house,” said BankRate.com’s Greg McBride, “routinely paying it could.”
A great solution to save on ATM and checking fees without compromising on convenience and service is an Alliant free checking account3 — now with ATM Rebates of up to $20 each month.1
If you don’t yet have an Alliant checking account, consider switching today. If you use ATMs a lot, you could save up to $240 a year! It’s quick and easy to make the change.
Alliant checking is more valuable and convenient than ever.
1. Alliant will rebate ATM fees up to $20 per month per membership account when you use your Alliant checking account Visa debit card to make a deposit, withdrawal, transfer or balance inquiry. The rebate does not apply to cash advances from Alliant Visa credit cards through ATMs nor to the Alliant Convenience card and Visa International Service Assessment (ISA) fees. Not all ATMs accept deposits. 2. 17th annual Bankrate Checking Survey of 10 largest banks and thrifts in 25 markets, 07/10/14-08/06/14. 3. APY=Annual Percentage Yield. The December 2014 High Rate Checking dividend provides an Annual Percentage Yield (APY) of 0.65% APY. The APY is accurate as of the 10/16/2014 dividend declaration date. Checking dividend may change after account is opened and is subject to change monthly. There is no minimum balance requirement to open an Alliant checking account or to earn the stated APY. Checking Dividends are paid on the last day of each month to checking accountholders who have opted out of receiving paper statements (receive eStatements only) and have a recurring monthly electronic deposit to their Alliant checking account each month (e.g., a direct deposit, payroll deposit, ATM deposit, mobile check deposit or transfer from another financial institution). Otherwise, Alliant checking accounts do not earn a dividend. Alliant checking is free; however, if incurred, fees such as a stop payment or NSF fee will apply. Please refer to the Alliant Fee Schedule for a list of these types of fees. Account is subject to approval. We may not open checking for you if you do not meet Alliant criteria. 4. Bank national average checking rate as of 12/01/2014 is sourced from National Association of Federal Credit Unions in cooperation with SNL Financial and Datatrac Corp.