Never pay an ATM fee again
Apr 03 '00 (Updated Oct 17 '00)
I realize the prompt for this opinion is: "Should banks charge non-customers fees to use their ATMs?" Why bother debating this point when there are strategies you can use to completely avoid ATM surcharges?
Yes, that's right. It's possible to go the rest of your life without ever having to pay to use an ATM, even while visiting any ATM up to ten times a month. There are many internet banks that have instituted programs whereby they will not charge fees when you visit other banks' ATM machines. Not only that, but they will rebate fees assessed by the other banks!
Some examples include: wingspanbank.com, compubank.com, and American Express Membership Banking (www.americanexpress.com/banking). Also, many brokerages will rebate ATM fees for people with tons of cash in their accounts. However - you don't have to be rich to enjoy the privelege of absolutely free ATM usage. My favorite provider of this service is the bank that probably started the whole idea, USAA Federal Savings Bank (usaa.com). They're not really an internet bank, but rather a single branch bank catering to the needs of military personnel (they'll open an account for anyone, however). They don't charge a fee when you visit competing ATM's and they offer rebates for 10 ATM visits per month, up to $1.50 per visit.
Not only do all these banks offer ATM surcharge rebates, many offer great rates on savings accounts or loan products (and sometimes both). You might even be able to get a half-decent interest rate on your checking account, and some don't even charge a service fee or have a minimum balance requirement. I know through personal experience that USAA offers excellent customer service. I have heard that American Express does as well. I wouldn't doubt it, as Amex offers great service to its credit card customers.
If you are skittish about throwing your hard-earned cash into an internet operation, or a bank far from where you live, there are other techniques you can use to avoid paying ATM fees. However, these can require a little more work and creativity.
* When you need cash, try to visit your own bank's ATM machines (a no-brainer)
* If you can't make it to your own bank's ATM, use your ATM card to pay for groceries and ask for cash back. If you don't need groceries, buy a pack of gum, or The Weekly World News. Even though you'll be paying the grocery store for that literary gem (or the gum), at least you'll be getting something. No ATM machine has ever given me a gift for whatever fee it takes!
* Get a debit card from your bank, and use it! It looks like a credit card but the money comes directly from your checking account. Your bank should offer this option to you for free because it makes money every time you use the card (MasterCard or Visa pays the bank a portion of the fee it collects from the merchant). In fact, my favorite bank, USAA FSB, rebates 0.5% of the total purchase every time I use their debit card. Use your debit card instead of cash; you will reduce your need to go to the ATM. And don't be embarrassed to use it for the tiniest purchases (I just used mine to buy a gallon of milk!)
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Epinions.com ID:
Zski
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Location: Texas
Reviews written: 25
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About Me:
Zski is a med student and Air Force Officer from the great state of Texas.
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