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> Here (Iceland) it's free to transfer money between individuals via your bank. Yes, but what’s the average Icelander’s monthly bank account fee? In the US, i
by Scoundreller 5y ago
> Here (Iceland) it's free to transfer money between individuals via your bank.
Yes, but what’s the average Icelander’s monthly bank account fee?
In the US, it’s a bit fat zero.
- kjaftaedi 5y agoWe don't have bank account fees. Another fun fact: pretty much everyone here pays off their credit card every month. The bank will close your account if you do not. Of course there are exceptions, but this is the general rule. (if you need money the bank will lend it to you and help you arrange payments)
- emptysongglass 5y agoI don't know if Iceland follows in lockstep with the rest of EU monetary policy but here in Denmark, they take your money another way: negative inflation applied to comically low limits (100,000 DKK) equivalent to $15,000 USD.
- CogitoCogito 5y ago> In the US, it’s a bit fat zero. It seems you get what you pay for.
- smsm42 5y agoGiven alternatives for sending money do exist (and free), I'm fine with paying zero for a bank account.
- CogitoCogito 5y agoMy Swedish bank account does indeed incur monthly fees whereas my American bank account does not. That said, when comparing the quality of Sweden's system for digitaly sending money to the one in the US, I would gladly pay something similar if the US adopted a system like Sweden's. So I guess I'll just repeat what I said in my last post: It seems you get what you pay for.
- shric 5y agoIn Australia it's free to transfer money between individuals via your bank instantly, and most banks don't charge monthly account fees.
- c0nducktr 5y agoI don't know, what is it?
- deleted 5y ago[deleted]
- Scoundreller 5y agoI dunno, that’s why I asked. Was hard to find any info. The Only Iceland bank I did find after searching “monthly bank account fees in Iceland” had a link to a PDF of their fees in Icelandic only (my phone won’t translate pdfs), and that was linked from their English page for newcomers. https://www.islandsbanki.is/en/article/price-and-interest https://www.islandsbanki.is/en/article/price-and-interest
- commoner 5y agoThe average U.S. checking account incurs $9.87 in fees per month (2014 data): https://files.consumerfinance.gov/f/201407_cfpb_report_data-point_overdrafts.pdf https://files.consumerfinance.gov/f/201407_cfpb_report_data-... (PDF, page 9) While there are fee-free checking accounts in the U.S., many of the largest banks only offer paid checking accounts that qualify for a monthly fee waiver if certain requirements (such as an average/minimum daily balance, an amount of monthly direct deposits, and/or a number of monthly debit card transactions) are met. However, U.S. credit unions tend to have more consumer-friendly offerings.