For most people, if you use the ATM at your bank, then there is no fee charged for the transaction. But if you are not near a branch of your bank and you are forced to use another bank's ATM, then the fees can pile up quickly. In fact, you could get hit twice: once with a fee from the ATM machine you are using, and again from your own bank for using an out-of-network machine. With ATM fees averaging $4.52 a transaction, a lot of money could be slipping through your fingers. Keep reading to learn a few tips on how you can completely avoid ATM fees and keep more of your money in your pocket or in the bank:
Find A Bank That Doesn't Charge Fees
Take the time to visit the banks in your area and find one that doesn't charge ATM fees. You will have the best luck looking at credit unions, regional banks, and some online banks. Sometimes, these banks will even reimburse customers for out-of-network ATM charges.
Only Use ATMs In Your Network
The easiest and best way to avoid paying ATM fees is to only use machines located at your bank, or another branch of your bank. But if that isn't possible, then stick with ATM machines in your network. The network will be listed right on your debit card. Some of the most popular ones in clue STAR, NYCE, MoneyPass, Allpiont, and Co-Op. Many of these networks have smartphone apps to make it easier to find an in-network ATM machine near you, wherever you are in the United States.
Read And Memorize Your Bank's Disclosures
Finally, it's important to read and know your bank's disclosure statements. These statements provide details on the bank's ATM charges for both in- and out-of-network machines. You also need to know and understand your bank's ATM fee reimbursement rules and any other fees a bank charges. Knowing this information will ensure you will never be charged an ATM fee. It will also help you compare banks so you can chose the one with the least amount of fees.
Since there are no federal restrictions on ATM machines at this time, banks are free to charge any fee they want. There is a law that states it's mandatory for banks to disclose their fee amounts, so it's always important to know these fees before you start using your ATM card at an out-of-network machine. If you follow the tips below, you will be able to completely avoid paying ATM fees.
For more information, contact companies like Vend Alaska.