ATMs are a convenient way to access your cash, but they can also be expensive if you don’t use them wisely. In this article, we will provide you with some tips for using ATMs smart and minimizing fees.
1. Use your bank’s ATMs.
Most banks charge a fee if you use an ATM that is not part of their network. This fee can be as high as $5 per transaction. To avoid this fee, use your bank’s ATMs whenever possible.
2. Withdraw larger amounts of cash at once.
If you know that you will need cash for multiple purposes, withdraw a larger amount of cash at once instead of making multiple smaller withdrawals. This will help you save on fees.
3. Avoid using ATMs at convenience stores and gas stations.
These ATMs often charge the highest fees. If you must use an ATM at one of these locations, check the fee before you withdraw any cash.
4. Consider using a debit card for cash back.
Many merchants offer cash back when you pay with a debit card. This can be a convenient way to get cash without having to use an ATM.
5. Be careful about overdraft fees.
Overdraft fees can be very expensive. To avoid these fees, be sure to keep track of your account balance and make sure you have enough money to cover your withdrawals.
6. Use a mobile banking app to check your balance.
This can help you avoid overdraft fees by making sure you know how much money you have available before you withdraw any cash.
7. Set up overdraft protection.
If you are concerned about overdraft fees, you can set up overdraft protection with your bank. This will allow you to overdraw your account up to a certain amount without being charged a fee.
8. Consider using a credit union.
Credit unions often charge lower fees than banks. If you are looking for a way to save money on ATM fees, consider switching to a credit union.
- If you are traveling, be sure to research the fees that your bank charges for ATM withdrawals in other countries.
- Be aware of the different types of ATMs that are available. Some ATMs offer additional features, such as the ability to deposit cash or make bill payments.
- If you have any questions about ATM fees, contact your bank.
By following these tips, you can save money and minimize ATM fees.