Finding Banks That Charge No Fees, Offers Reimbursements, Several More Options - Read Below…
Brought to you by: Breez DeGuzman
If your like most people these are typical things that happen when your in a rush. You’re running late and can’t make it to the bank before it closes. What do you do? You head to the nearest automated teller machine (ATM) to get some cash. Unfortunately, the closest one doesn’t belong to your bank and the ATM fees add up quickly.
Banks are eager to offer services that will enhance the lives of their customers. The only problem is that many of those conveniences come with a price in the form of fees. One common area you can be charged is the ATM. When you make a deposit at these machines, they could charge you. If you need to take cash out – you’ve guessed it, you’re charged again. Transfer money from checking to savings or vice versa and you may get another charge.
You may not even notice some of the fees your bank charges for the services they offer. However, if you choose to ignore them they could add up to quite a sum. Prior to 1988, it was uncommon for the owners of ATMs to charge for the use of their machines. All it took was one bank to begin charging non-account holders for using their ATMs, and before you knew it banks all across the country were following suit.
Charges averaged $1.01 for nearly ten years, but now they range between $2.00 and $6.00 – unless you use machines set up in bars or casinos; those charges could be considerably higher. Since both the bank and the ATM owner can charge non-account holders, ATM charges can be as much as $11.00 for one transaction.
ATMs are required by law to let you know the fees you may be charged. Normally the fees will be listed on the machine itself or it may be seen on one of the screens you reach through the menu. If you’re using a machine not owned by the bank you may also receive a “foreign ATM network” fee charged by your own bank, which may be different depending on which state you live in. You may also be charged another fee if you’re traveling outside of the United States.
Some banks also charge a “Denial Fee” if you attempt to use your card at an ATM and you either don’t have the funds in your account or you try to withdraw more than your daily limit allows.
To avoid having to pay ATM fees, you have several options:
* Use only ATMs offered by your bank
* Find a bank that charges no fees for “foreign ATM networks.”
* Find a bank that offers reimbursement for all ATM fees charged by other banks.
* Use your debit card as payment for a purchase and get cash back at the register.
* Withdraw larger amounts of cash so you will make fewer withdrawals.
* Budget your money so you don’t need to make withdrawals at an ATM.
ATMs are a convenience, there’s no denying that. But if you’re concerned how ATM fees add up, you do have options to avoid those fees. Check with your bank to see what fees they charge and then pay attention to fees listed on the ATM itself. Being aware of possible fees will put you on the path of being charged fewer ATM fees in the future.
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