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Weekly Tips

Weekly Tip: Avoid paying unnecessary ATM fees.

Today consumers are paying billions of dollars a year unnecessarily to banks in the form of ATM fees. If you want to get cash from a bank that is not affiliated with your bank, chances are both banks will charge you a fee that can range between $3 to $6 per transaction. Here are a few tips so that you will never have to pay for an ATM Fee:
  • Pick a bank that has ATMs near you. Banks don’t charge their customers to withdrawal money from their own bank, so if you select a bank that has ATMs conveniently located near you, you’ll never have to go out of your way to get cash.
  • Get cash back. Get in the habit of getting cash back when you go to your local grocery store. This is a complimentary service that most grocery and drug stores provide, and you don’t have to go out of your way to do it. Even if you need cash and don’t need groceries, go to the store anyway, buy yourself a candy bar or pack of gum for $1, and get cash back. Even though you’re buying something that you didn’t necessarily need at the moment, you actually save money (since fees are often more than $3), and you get a tasty snack.
  • Pick a bank that doesn’t charge ATM fees. There are some banks that will reimburse you for the ATM surcharge that other banks charge you, so you can effectively avoid ATM Fees by banking with them. Though, sometimes these banks will require that you keep a minimum balance in your checking account, or they will only reimburse you a max amount per month. If you do your homework you should be able to find a bank that doesn’t charge ATM fees, just be sure to read all of their stipulations.
on Wed, 2014-05-28 17:13