Tips For Controlling Your ATM Fees

By Michael Harrington

When a customer withdraws money from an ATM there are two charges involved. The first is charged to the network provider the ATM belongs to and the second is the surcharge fee charged to the customer.

Perhaps you didn't notice but a surcharge fee can reach as high as $3.00 per transaction.

Other banks add another charge called a transaction fee. This, of course, is not met with great enthusiasm by the bank's customers as it adds on fees to a service some rarely use.

In time, these minimal fees sum up to a considerable amount which you may want to avoid or minimize as an ATM user. For example, you should look for a bank whose ATM service would be free from charges when you use ATMs of other banks. This may mean as much as 50% savings on monthly surcharge fees on the average.

Second, you might want to look for a bank that reimburses surcharge fees paid. This occurs when clients utilize the services of the ATMs found in distant places often in isolated places.

Instead of using ATMs, why don't you consider using credit cards that may take your checking account's place? Certainly, today, majority of the establishments accept credit cards to pay for the purchases you make. In this manner, cash is no longer needed all the time you purchase. And by using credit cards, one may defer paying for the things one bought.

If you really can't do away with cash, then minimize your ATM withdrawals. Calculate the amount you will need each month or perhaps mid-month. That way, you only withdraw from an ATM twice and avoid the many surcharge fees.

Finally, you should estimate your cash needs within a window of time so that you can lower the number of times you withdraw and reducing the transaction fees. Therefore, it is very important to consider the sum of cash you need for the time and how much you can afford to withdraw more so that you will not keep going back to the ATM.

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