How to Avoid ATM Fees

How to avoid ATM fees.

ATM withdrawal fees can quickly eat away at your bank account balance, sometimes without you even noticing the small charges adding up over time. It’s your money, so why not make sure you keep as much of it in your bank account by avoiding these annoying and petty fees. Here are some tips to avoiding ATM withdrawal fees. Some fees can run anywhere from $1.00 to upwards of $5.00!

Make sure you have a bank account and debit card from a banking institution that doesn’t charge these absurd fees. Make sure you read the fine print because some banks may only offer free withdrawals from their own ATMs or bank branches.

Look for ATMs from your own bank or ones that charge no surcharge. Most ATMs will clearly indicate if a fee is charged and how much the fee will be before you complete your transaction.

Use your debit card to get cash back from purchases. Most debit card cash back transactions do not charge a fee if you withdrawal cash while making a purchase with your debit card. Whether it’s a big purchase or a pack of gum, you can get fee free cash back with the purchase. Just make sure you have enough funds in your account or else you’ll trigger a costly overdraft fee that wipes out any savings.

Withdrawal cash directly from a teller at your bank. This is a surefire way to avoid fees although can be less convenient than an easy access ATM.

Take out as much cash as you’ll need for a week at the beginning of the week. This ensures you won’t be stuck for cash when only a fee based ATM is available. This also limits your trips to the bank, can help with budgeting, and helps you track you cash. In addition, it is a good idea to take out cash as needed before you get to a place such as a bar, diner, or entertainment complex that may be filled with fee only ATMs. In a pinch many places allow you to run a tab on a debit card or credit card without fees.

Overall you want to avoid fee based ATMs at all costs. Usually the most readily available ones are the ones that charge the highest fees. Be prepared and make sure you have cash on hand before heading out.