Thoughts on ATM Surcharges- The Good and the Bad
Mar 16 '00
Hey, I am like everyone else when it comes to paying $2.00 to get MY OWN money out of the bank- I hate it and find it annoying and frustrating. However, let me give you some thoughts on ATM's and their banks and on how to avoid the fees.
First of all, the fees are typically charged by banks to those who are not customers, but who use their ATM machines. These fees annoy the heck out of all of us and have become a fact of life. But, why are they charged? Something we all overlook is that your own bank may also charge these fees and they do so for a reason. The reason is that they will pass along the savings to their own customers. I know, you will not get the full savings, but if they can pass some savings on it is better than nothing, right?
Secondly, the fees are quite easy to avoid in this day and age. Here are a few ideas to consider:
1. Get out more cash when withdrawing funds.
2. Use a debit card instead of cash whenever possible.
3. Use a credit card whenever possible. Find a card with rewards and
you will be making out instead of the opposite.
4. Use your own banks ATM machines.
5. Use Travelers Checks or regular checks.
6. Become a customer at a bank that is close to your home or work.
Yes, these sound like simple ideas, but I follow them and I almost never have to pay an ATM fee. In reality, the fees are easy to avoid if you take a little bit of time and plan ahead. Sure, some of my ideas may be a little time consuming or inconvenient, but they will save the $2.00 charge that is the cause of such frustration to many people. Finally, I would consider joining a bank that charges ATM fees to people who use their machines but are not customers. Why? Same reason mentioned above- some savings will passed on the regular customers of the bank.
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