ATM Fees Increase From Last Year
I get excited whenever I see one of my ATM’s or banks and automatically think that I should take some cash out, whether I need it or not. This is what ridiculous ATM fees have done to me. Nothing pains me more than taking out cash and getting charged a crazy amount just to get what’s already mine. It doesn’t look like things will get much better, it’s estimated that ATM fees increased an average of 50 cents from last year.
With the average fee around $3.00 not too long ago, a raise of 50 cents puts the current ATM withdrawal fee to around 17% on a $20 withdrawal. As a concerned consumer, I think this is insane. I can see a bank charging a fee like this on a loan with a risky borrower or perhaps on a pay-day-loan, but to receive our own money? Think about, it’s like asking your friend to hold your wallet and charging him to get it back.
When I was in Las Vegas last year for a work event, I encountered an ATM that charged $20/per withdrawal—I threw up a little in my mouth then and again just now as I typed that. It’s not like the fee is always for convenience either, the past two weekends I went to my local Wachovia ATM to get a few dollars out, but it was out of service. Maybe I should charge them 17% of the amount I was going to take out that they couldn’t give me?
Try some of these techniques to avoid ATM Fees:
$ Go to grocery stores and use the free cashback option on a purchase you were going to make anyways.
$ Although rare, some places still allow you to write a check for over the purchase amount.
$ Plan your cash needs and hit up your ATM when it’s convenient both for your wallet and your time.
$ If you can handle the extra wattage of cash, withdrawal higher dollar amounts to reduce your withdrawal percentage.
$ Try to save your cash and use your cards whenever possible. When you are desperate for cash you’re bound to give in.
$ Choose your bank wisely. If your using your bank for only a basic checking account, shop for one that allows you to use ATM’s for free.
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