Avoiding ATM Charges
Dec 27 '00
If there's anything that annoys me more than paying $2.00 to get money out of my account from an ATM machine, then it's hitting the wrong key and having to do another transaction to get the rest of my money out of the machine. Have you ever noticed that when they direct you to press a key for the amount you'd like, that the screen might not be perfectly aligned with the button? This caused me to press the wrong amount and I had to cough up $4.00 for a mere $40.00. Outrageous! I have now made it my quest to never pay another outrageous fee like that again!
I do understand the reason for surcharges on ATM machines, I'm just not sure they should be so high. In my hometown, they are around $1.50 per transaction, but when I went to Seaside, Florida for my vacation, some banks charged as much as $3.00 per transaction! And had the nerve to offer me a $10.00 increment! This leads me to believe that if it is impossible to do away with ATM surcharges, isn't it possible to mandate one set fee? I guess that's impossible with our capitalistic society, and then who could brag about knowing the cheapest money machines? This is one piece of knowledge my own mother prides herself for having.
I've compiled what I think are some pretty safe tips for getting your money in your pocket for free. Most are common sense, but go through your statements and see how many times you got money out in the last week. Multiply that by 52 and you may be willing to read on!
· I will start with the most obvious and the most dreaded suggestion: Plan ahead. I am guilty of never doing this, but after working in a bank, I learned that it is really the smartest, and easiest way. Think of what you will be doing all weekend. If you know that you will be shopping for Junior’s birthday present and then taking him to dinner and a movie, then don’t just get out $40.00. My husband is a chronic under-estimator who seems to never remember that our family can never eat at a restaurant that has a hostess for under $20.00. So, we end up nickel and diming ourselves to death in ATM fees. Visit the bank early Friday morning and get out money to last you the whole weekend long. If you go during lunch or at 5pm, the bank will be so busy you will gladly pay a $10.00 surcharge not to have to go near it.
· Get a Check Card. They are accepted virtually everywhere these days, anywhere that they take credit cards. This is the most wonderfully innovative invention of the banking industry in my lifetime. The money comes right out of your checking account, so be sure to keep up with those slips!
· Find a Credit Card with perks such as frequent flier miles or cash back bonus, and use it as much as you can! Just remember to set that money aside to pay off the balance immediately, or you will be charged interest. The idea here is to avoid extra fees! I have a small LL Bean Visa that I use for this purpose, so with every purchase, I get credit at LL Bean. When I cash them in, I spend a little over the amount of credits, use my LL Bean Visa to pay for them, and they will ship them to my door for free! And I’ve paid no tax as well!
· If the latter two suggestions are out of the question, but you do have a debit card then be sure and always choose “yes” on the cash back option with any purchase. It’s a simple way to get cash for free.
· Find ATM’s that offer you their service for free. In my hometown, we have a Cash Points machine that is free. It is a bit archaic, but who cares? I don’t need state-of-the-art for my 2 minutes transactions! Just show me the money!
· Finally, find a bank that offers to compensate you for ATM fees. This may be easier said than done, but I have done it! I use USAA, a long distance bank, and since they have no local-access machines, I can get reimbursed for ATM fees for up to $15 or so each month. I have always been thrilled with this bank (as you can see from my review) so this is just one more perk I receive! Do your research; banks aren’t the only ones who can make competition work for them.
If you are diligent you, too, can find simple ways around those pesky ATM surcharges. It just takes a little planning on your part!
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