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new survey from BankRate.com finds that customers of giant monster mega-banks are being hit with a triple whammy when it comes to ATM fees, checking account fees and overdraft fees.
• The typical fee to use an ATM as a non-customer is now $3.54.
• The typical monthly checking account fee is $12.55.
• Overdrafts fees on accounts can be between 2,500 percent and
3,250 percent!
Of course, the responsibility ultimately comes back to you. Giant banks don't force you to be their customer. If you're getting ripped off with a giant bank, it should be your mission to fire those "banksters."
There are many fine people in the banking business, especially at community banks and credit unions. Both do a great job for the customer. The one drawback is that they may not have branches coast-to-coast like the giant banks.
Second, know that there are many offers for truly free checking accounts with online banks, community banks and credit unions. Don't believe the giant banks when they promise you free checking that's actually known as "fee checking" in the lingo of the industry.
And on the issue of overdrawing, it is your responsibility to know what you have in your account. This can be tricky with auto debits and other drafts if you're not on top of your bank register. But the responsibility does come back to you.
After all, giant banks can't rip you off with 2,500 percent charges on an overdraft if you don't overdraw your account in the first place!
