I am very careful to always withdraw cash from my own bank. I learned the hard way a few years back how much ATM fees add up. If you travel a lot you will want to pay attention as some banks are local or only in specific areas. If you travel to another country, you may get a fee added as well.
The 4 Easiest Ways to Avoid ATM Fees
The ATM is supposed to be there to help you get your money. Banks want you to get easy access to your money, but at the same time they don’t mind charging a fee to help you do so. So how to do avoid those pesky ATM fees? Here are 4 easy ways:
Avoid ATM Machines That Are Not Your Bank’s
This is the most obvious way to avoid ATM fees. What many people fail to realize is that when you use another bank’s ATM, you will be charged a fee by both that bank and your bank. Surprise surprise! The only way around all those ATM fees is to use only your own bank’s ATM.
Take Out More Cash at Once
If you find that you are having to go to the ATM more frequently than would like, it might be time to evaluate your cash needs for the week. Decide how much cash you need, then take it all out at one time and store it in a safe place at home. After a while, you should be able to accurately guage what your cash needs are on a per week basis.
Use Your ATM Card Instead of a Credit Card
If you are using a credit card to draw cash out from an ATM chances are that you will pay a lot more in fees than you would have if you had just used your ATM card. Before using your credit card to obtain a cash advance, you may want to consider obtaining the money that you need from another source. Not only will you save on ATM fees but you will also save on finance charges and the higher interest rate that credit card companies typically charge for cash advances over regular credit card transactions.
Ask For Cash Back
You can use your ATM card at any point-of-sale purchase registers such as those at your local grocery store to request cash back when you make a purchase. Check your bank’s fee schedule but for many people this type of transaction will not involve any type of ATM fee.
This article has been reprinted with permission from NotMadeofMoney.com.