When taking the steps to manage your personal finances, the last thing you want is to have to put some of that money toward bank fees. At N26, you can feel confident that your hard-earned money isn’t going toward hidden fees, like excessive withdrawal fees. In addition we want to give you the right tools and resources to help you manage your money better, and that includes helping you avoid unpleasant bank fees.Read on to learn more about excessive withdrawal fees: What they are, when they happen, and how to avoid them. What’s an excessive withdrawal fee?
Like many hidden fees, excessive withdrawal fees are known by different names: “excess activity fees,” “savings withdrawal fees” or “daily limits.” These withdrawal fees are a reality across many bank accounts and institutions to limit the amount of money you’re spending on a normal day — both in terms of how much you’re spending for a certain transaction and number of transactions. At N26, we don’t believe that you should be able to manage your money in a way that fits your life, and that includes not charging excessive withdrawal fees. Banking basics
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Learn the basicsWhy are there limits on account withdrawals?
Excessive withdrawal fees were a consequence of Regulation D, a step taken by the Securities and Exchange Commission (SEC) following The Great Depression to make sure all banks and accounts had a more exact picture of immediate cash on hand to the amount that could be withdrawn. And as part of that, each kind of bank account you have requires you to agree to a frequency you can expect to withdraw cash.Nearly all companies have measures in place to ensure they adequately apply fees when an individual customer exceeds the percentage of cash withdrawals entitled for that specific type of account.How much are excessive withdrawal fees?
According to CNBC, excessive transaction fees for savings accounts can cost between $3 to $25 per transaction. Some banks use these fees as deterrents for having customers withdraw past a given limit. Does N26 charge excessive withdrawal fees?
No, N26 does not charge excessive withdrawal fees, maintenance fees, or any other common hidden fees. To learn more about how much an N26 account costs, check out our account details here.Since N26 is a bank account, the excessive withdrawal prevention translates to a daily spend cap. Your N26 account will simply cap your ability to spend when the limit has been met.The bank you'll love
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