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With the average ATM fee around $1.97, finding ways to reduce and eliminate ATM fees is becoming a bigger concern. While many banks charge non-customers surcharges, there are ways to save.
I mentioned before, but I thought I might remind that ING Direct and other banks use Allpoint network for their banking ATM services. Whatis great about Allpoint?
Allpoint is America’s largest surcharge-free ATM network. With over 37,000 ATMs, Allpoint is your single source for surcharge-free access coast to coast.
Banks use tranactions fees to increase their profit
Why do banks charge so much on ATM surcharges? Apparently it’s not because they are expensive, according to Stop ATM Fees the cost for banks is less than $0.30 per transaction. It’s a business, so making a profit isn’t a problem. You have to learn to be smarter than the bank.
You can use Allpoint’s ATM locator to see how close they would be to you and your location.
Besides using Allpoint network ATMs, how can you reduce and hopefully eliminate paying ATM fees?
1. Use your own bank or credit union ATM whenever possible. Plan ahead and go before or after work. Avoid using ATMs in convenience stores, hotels, malls, and restaurants, which have higher surcharges.
2. Switch your account to a bank that doesn’t charge ATM fees. Another option is local credit unions, some which use ATMs that don’t charge you a fee, such as the CO-OP network. I’ve been told Charles Schwab checking does reimburse ATM charges.
3. Check out Bankrate.com to compare checking accounts and their fees. The site does a great job of updating the lists, so it’s a wonderful resource to examine.
4. Take more money out when you use ATMs. Don’t make several trips to take out $20-$40. More trips increase your chance of hitting another bank’s ATM. If you still need cash, just get cash back from your purchase. There’s the cash back option with debit cards.
If you’re looking for more information, please check these great posts:
- How to Save Money on ATM Fees
- How My ATM Card Directly Cost Me $30.28 In One Month – And How I Avoid Such Mistakes Today
Photo Credit: roland
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I hate ATM fees! My bank doesn’t charge any fees and reimburses fees from other banks (up to $15 per month), so I don’t worry about them any more. But most banks love to charge them. Good tips!
@Patrick Which bank do you use?
Banks charge you to use other ATMs because they can get away with it. The actual cost of $0.30 is only what another bank charges your bank for the transaction. The actual expenses involved in this type of transaction would be less than $0.10. But the banks will always charge what they can get away with as long as they can for you to access your own flippin’ money. . This is why I don’t use cash. It’s a conveniece item now instead of the most efficient form of commerce.
@The Weakonomist: I still carry some cash on for some occasions. It’s easier for me to track my spending with my debit card.
I always take money out of my bank so I don’t have to worry about ATM fees. They add up quickly and are a pain. Unless I am really stuck for cash and have no other option, I only go to my ATM.
@Craig: It’s great that you plan ahead. Planning pays off many times in finances.
Good Afternoon,
I applaud you for drawing attention to the rising nuisance fee known as a surcharge. The average surcharge has grown over 43% since 2004 and exceeded inflation by 500% in 2008. Surcharges not only continue to rise but also expand as they reach new markets such as Australia where surcharging begins in March. Thank you for recommending our network and for empowering others with this valuable, actionable information.
Regards,
Benjamin Bregman
Director of Business Development
Allpoint Network
@Benjamin: Thanks for sharing some statistics on ATM surcharges.
[...] Use Allpoint ATMS to Reduce and Eliminate ATM Fees. I hate ATM fees! My bank doesn’t charge any fees and reimburses fees from other banks (up to $15 per month), so I don’t worry about them any more. But most banks love to charge them. [...]
[...] Here are more tips on how to save money on ATM fees. [...]