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Nearly half of Americans 'sacrificing recession preparedness' with monthly banking costs
Market outlook on inflation data and how investors are feeling heading into 2023
Penn Capital CIO Eric Green discusses the December Consumer Price Index and more on ‘Morning’s with Maria.’
Weathering high inflation or a potential recession will be even harder for the number of Americans who are still paying checking account fees every month, according to a new report.
Those fees are hindering their ability to save or even pay down their debt at a time when inflation remains about three times higher than the pre-pandemic average despite easing again in December.
More than one in four checking account holders, or roughly 57 million adults, are getting hit with costs such as routine service charges, ATM fees and overdraft fees, according to a new Bankrate report.
MARKETS MAY BE UNDERESTIMATING THE THREAT OF HIGH INFLATION, BLACKROCK WARNS
Though it may not seem like it, these costs can add up over time. According to an earlier Bankrate report, the average overdraft fee recently slipped to a 13-year low, but it is still $29.80. Meanwhile, the average non-sufficient funds fee is $26.58. For interest checking accounts, the average monthly fee is $16.19.
Nearly half of non-interest checking accounts are free, and the average monthly fee is $5.44, according to Bankrate. That's an increase of 7% from last year. The average total cost of an out-of-network ATM withdrawal is $4.66, which is a three-year high, according to Bankrate.