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Business hasn’t been great in America for quite some time. This is no secret. Many of these problems of course begin and end with banks. Well, here they are again, seeking more of your money though ATM fees and even debit card fees when you shop online at sites like JRDunn.com. In fact, when you add in what your back is charging you for using a competing bank’s ATM, plus what that bank is charging you to use their machine, the end result could be you’re out five dollars for a single transaction. That’s a common total for ATM users across the country. So, how do you avoid such charges?
1.) Credit Unions can be great: Among the advantages of credit unions are nationwide ATM networks where you will not be charged for withdrawing your money. In fact, members enjoy access to a network of more than 80,000 such ATM machines.
2.) Some big banks give ATM breaks: Each of Charles Schwab, Ally, and USAA allow their customers to use out of network ATM machines without paying a fee. They also endorse a feature usually only seen at credit unions. They will actually reimburse you for fees that you are charged for using an ATM outside the designated network. Hard to lose with that deal!
3.) Smaller banks, big breaks: BBVA Compass will typically repay your ATM fees as long as you send them the receipts from your transaction. Clear Sky Accounts will reimburse you up to $20 a month in fees and EverBank will waive all your ATM fees as long as your account balances typically hovers around $5,000.
In short, don’t be careless with your ATM card. Simply using your card at any ATM is just not good common sense. Why pay $5 in fees to take out $20 in cash? That’s not an interest rate that’s in your best interest. Read the terms of your ATM card agreement and see where you can save cash on your transactions.
