Bank fees still on the rise

Banks are charging higher fees for such things as using out-of-network ATMs and covering overdrafts, which means the advantages of credit unions are adding up, more than ever before.

According to a new report from Bankrate, the average fee for using an out-of-network ATM rose to a record $4.52 per transaction over the past year. It’s up by 21 percent in just the past five years.

Overdraft fees are also at record highs, averaging $33.07. They are up nine percent since 2010, Bankrate said.

There are alternatives, and by far the best of these is to join a credit union, which features the CO-OP ATM Network. This network features 30,000 surcharge-free ATMs at other credit unions across the country.

Another recent Bankrate investigation found that credit unions offer some of the fairest deals around. In fact, 72 percent of credit union checking accounts have no balance requirements and are free of monthly maintenance fees. Overdraft fees at credit unions average $26.78, and out-of-network ATM fees average just $1.50.

You’ll also find that credit unions routinely beat banks on auto loan and credit card interest rates.

Ready to find out more about becoming a Travis Credit Union member?

Become a Member