Reduce ATM Fees – Daily Financial Tip


ATM fees - how to reduce themAutomatic Teller Machine (ATM) fees are nothing more than a convenience fee, much like paying more money for food at your local convenience store. While most people realize that it doesn’t bode well financially to do all their grocery shopping at a convenience store, many see no problem at all using ATMs whenever and wherever they like.

The average person pays over $60 a year in ATM fees. If you have not checked the banks (and credit unions) around you regarding ATM fees in the last 6 months, it will pay to do another search. There have been a number of banks that have been reducing their ATM fees in recent months. Yesterday Citibank announced it has inked a deal with 7-11 to make thousands of ATMs in 7-11 stores no-fee ATMs for their customers. Last month Sovereign Bank made a deal to place 900 ATMs in CVS pharmacies in the Northeast with their customers not having any ATM surcharges.

Taking the time to find a bank or credit union that has no-fee ATMs in the locations where you most often take money out can go a long way to reducing the amount you pay in ATM fees. For those of you that still can’t find surcharge free ATMs in your area, here are some other ATM fee reduction hints that may help out. Be sure to keep an eye out for more banking announcements for no charge ATMs.


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April 5th, 2006
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Comment Number:
1
Written by:
lexi
Posted on:
April 5, 2006 at 8:13 am

I have NEVER paid an ATM fee. There are several ATMs in town that are in cooperation with my bank (an out of town bank by the way) and I am not charged a fee. As well, most places I shop allow $100 cash back with a purchase, so I can save a trip by just getting cash then too if I feel I will be needing it.

Comment Number:
2
Written by:
Savon
Posted on:
April 5, 2006 at 8:22 am

Right on! Where can I get $100 cash back for every purchase? What a deal!

Oh, I get it.

:)

Comment Number:
3
Written by:
Wandering Indian Monk
Posted on:
April 5, 2006 at 9:04 am

Or, just use a debit card? Does’nt that work just like cash?

Comment Number:
4
Written by:
Gloria
Posted on:
April 5, 2006 at 12:39 pm

When we first got married I had to explain to my husband how ATM fees add up becuase he contined using ATM…eventually we found a bank that worked for both of us. :) No ATM fees

Comment Number:
5
Written by:
mahanda
Posted on:
April 5, 2006 at 10:41 pm

i refuse to pay an atm fee, so far i do not have to pay when getting money making a purchase, and if i use my own bank machines no fee. also helps me curb my “impulse” spending, by the time i think about going to get the cash from the atm, the “urge” is usually gone.

Comment Number:
6
Written by:
Dave
Posted on:
April 6, 2006 at 5:04 am

I hate paying ATM fee’s, I have walked miles to avoid paying them. god damn thieves….! hehe

Comment Number:
7
Written by:
KK
Posted on:
April 13, 2006 at 7:53 am

You can get cash back at any CVS (up to $35) or Stop N’ Shop.(you can get hundreds!)

Comment Number:
8
Written by:
Stephen
Posted on:
April 19, 2006 at 11:37 am

There are several banks out there that offer free ATM use at their own ATMs. Mine (USAA) however pays me back for any charges that the ATM may have charged. So at the end of the month I will get a credit for any ATM charges (up to a certain amount – I think its 20$ / month). I know there are some other banks that are now doing this as well, but they require a substanitial minimum balance (so that they can cover the cost with the interest that they earn on your money).