With ATMs, convenience is the name of the game.
But as with pretty much everything in today's
marketplace, convenience sometimes comes with a cost.
For example, withdrawing cash from an ATM that
doesn't belong to your bank or that's not part of its
multi-bank ATM "network" can cost you
anywhere from $1 to $4 per transaction. Over time these
fees could
add up and could cost you hundreds of dollars per year.
What can you do to get the best of both worlds —
convenient service and little or nothing in the way of
fees? Here are some suggestions:
1) Use your own bank's ATMs whenever
possible.
Practically all banks
offer accounts with free ATM transactions to their
own customers.
However, some institutions
also have accounts that do charge their own customers an
ATM fee.
So, look carefully at the
fees and choose the type of account that best fits your
needs.
If you plan to use ATMs a
lot, consider an account with free withdrawals from an
institution with many convenient locations.
And
if the account you choose is subject to ATM fees,
you'll still pay less using your own bank's machine
compared to going elsewhere and paying a second fee
(although there are exceptions as noted below).
2) Take precautions before using another institution's
ATM.
Look for an ATM indicating
that it doesn't impose an "access fee" or "surcharge" to
non-customers. Your bank might be able to provide the
names of other institutions that won't charge you a fee.
Or, go to one of several Internet sites that list
surcharge-free ATMs.
Also become familiar with
your own bank's fees for using another institution's
ATMs. Some banks, for example, have agreements not to
charge ATM fees to each others' customers.
Remember that if you're
unable to use a surcharge-free machine, you'll probably
face two charges — one from the ATM's owner, and the
second from your own institution. Note: In the United
States federal law requires that an ATM alert a
non-customer about a surcharge before a transaction is
completed.
3)Consider withdrawing larger sums each time.
For example, make a single $100 or $200 ATM withdrawal
instead of several $20 or $40 withdrawals.
4) Get cash back when using your ATM/debit card to make
a purchase.
Often you can get cash back
for free when you use your debit card to make
purchases. Some stores also will cash a check free of
charge or for a fee that would be less than what you'd
pay at an ATM.
5) Avoid
ATM-related mistakes that can trigger bounced-check fees.
Immediately deduct your
cash withdrawals and store purchases, including any
fees, in your checkbook. Also, don't rely on the ATM for
information about how much money is in your checking
account.
Sometimes the balance that
is shown on your ATM receipt doesn't include checks or
debit card transactions that haven't been posted to your
account.
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