There’s nothing worse than paying a fee to access to your own money at an ATM. Add on the fact that the cost of ATM fees has reached an all-time high, and you may want to throw something.
There’s nothing worse than paying a fee to access to your own money at an ATM. Add on the fact that the cost of ATM fees has reached an all-time high, and it’s like adding salt to an open wound.
According to a recent survey by bankrate the average out of network ATM transaction can cost almost $4.72, which is a record high for the 15th year in a row.
That’s not all! The average overdraft fee also went up for the 19th time in the last 21 years.
They also found that the city with the highest ATM fees was Houston at $5.58, and the lowest was Los Angeles with $4.15.
It’s important to note that the survey researched 10 of the largest banks in 25 major U.S. cities. Meaning there are still a lot of smaller banks and credit unions out there that don’t charge an arm and a leg for their services.
If it seems like it is getting harder to dodge the rising cost of having a checking account. Here are a few things you can do to stay ahead of the curve and avoid all those fees.
Consider Another Institution
A growing number of local banks and credit unions offer accounts like Kasasa, that will reimburse you for those out of network ATM fees. Also know that smaller banks can offer a large network of ATM’s to make up for their lack of branch locations.
To figure out which ATM network your bank or credit union partners with just check out their app or website. Once you know the name of the network provider you can use their website to locate an ATM within seconds by putting in your current zip code.
If that still doesn’t work, pull out your ATM/debit card and look on the backside of it. You should see logos for various network providers. They can indicate which networks to use for a fee free withdraw.
Get ATM Stealthy
Paying ATM fees can be avoided but you’ll have to get stealthy. Stop settling for an out-of-network ATM when there is probably a better option nearby. At most large grocery and drug store chains you can get cash back when making a purchase of any dollar amount.
It could be easier said than done, but going cashless is also a fool proof way to avoid wasting money on ATM fees. It’s hard to find a retailer these days that doesn’t take plastic as a form of payment.