How much does it really cost to access your own money?
13 Aug 2021
3 minute read
Everyday life is fuelled by money and its value – careers, the way you spend time, where you live…the list goes on. But how confident do you feel in knowing how much you pay for your money? It’s a bizarre thought, but in today’s world, you pay in time to earn it, pay in cash to store it, sometimes you’ll even pay money just to use it! It’s the 21st century and that’s the way it is. But let’s take a minute to do a deep dive into the costs involved with accessing your own money.
Since COVID-19, society has adapted to more of a cashless way of living, however despite the yearly decrease in ATM withdrawals, it’s still costing Aussies a pretty penny just to take out their own cash. On average, ATM fees range from $2-$4. Based on a $2.5 transaction fee, withdrawing a lobster (the money kind) translates to a whopping 12.5% fee. Recent data from the Reserve Bank of Australia shows that less than half of cash withdrawals are completed via the consumers own bank ATM. While most things come at a cost, it’s worth striving for balance between the two, convenient access to cash without a heavy fee.
Money in the bank
Could you confidently tell a friend the exact amount you pay in bank account fees every year? A Canstar survey conducted in 2020 found that Aussies were paying roughly $73 per month in bank fees, or $876 per year! These fees include account keeping, EFTPOS transaction fees and overdrawn fees. That’s a hefty cost just to keep your money safe. If you feel like you’re paying too much, or you’re simply unsure, take the time to do your homework on what fees are involved with storing money in different bank accounts. You might find a new bank that’ll give you more bang for your buck!
Keen to venture out on a Sunday? Or maybe you wanted to make the most of that public holiday with the family. Did you factor in the 10-15% surcharge for eating out on either of those days? The Sunday and public holiday surcharge was put in place to help business owners cover the cost of staff penalty rates on those days. It’s been around for years, but it’s easily forgotten when getting to the counter to pay, which poses the question – is that smashed avo really worth it?
MyPayNow Pay Advance
Requesting a payday advance from MyPayNow is as affordable as we make it look. A flat 5% fee on any amount you advance from us is deducted on your next pay cycle, with flexible repayment options available upon request…and that’s it. Need $100? Pay us back $105. Need to extend your repayment time? Customers can easily delay a payment within the app. And no, we don’t charge any late fees, interest, compound interest, account keeping fees, or any other fees you could think of. If you were to advance from us every week for a year, or only once in a year, you will only ever pay us back 5% of the amount you advanced. It’s that simple!