Finding ways to prepare for a recession or weather high inflation can be even simpler than cutting back on spending and increasing your income. Sometimes, it first comes down to finding the right place to bank.
More than 1 in 4 Americans with a checking account (or 27%) are paying monthly fees, costs that include routine service charges to ATM and overdraft fees, according to a new Bankrate survey. That’s despite many banks on the market not charging for those services.
Those costs can add up. On average, fee-paying checking account holders chalk up $24 a month, or $288 per year, the poll found. And as the chances of a downturn grow and hiring looks likely to slow in the unfolding year, nearly half (or 48%) say those checking account fees are preventing them from preparing for a recession — limiting how much they can save for emergencies and pay down debt.
