ATM Fees Can Put a Dent in Your Bank Account
ATM fees can add up quickly. Many consumers don’t bother to take a look at how much money they are losing to ATM fees. If you have an ATM card and use it often, you might be surprised to learn just how much money you are losing to ATM fees. Below you’ll find some helpful suggestions for avoiding or at least reducing the number of ATM fees you pay.
Just How Much Are They Milking You For?
Before you can determine just how much money you are losing to ATM fees you have to know how much your financial institution charges you to use an ATM machine. You also have to know what ATM machines you frequently go to because if they are from a bank different than your own, you are also paying a fee to that bank. And you also will need to know how many times each week or month you use an ATM machine. ATM fees usually cost at least a $1.50, sometimes more. If you want to take out $20.00 from an ATM machine from a bank other than your own you will be paying at least $3.00 by the time you add up the fee each institution charges. That adds up to 15% of the total amount you are withdrawing which is a huge fee to pay especially if you use ATM machines frequently.
Planning to Avoid the ATM
Try to calculate how much money you will need each week and plan to make one ATM stop to cover those expenses. Ideally, your financial institution will not charge you to use their own ATM machines, so stick with your own bank’s ATM machines. If you use another bank’s ATM machine, keep in mind that you will be getting hit with double the fees every time. If you plan in advance, you can avoid unnecessary ATM fees and keep more money in your pocket.