ATMs are convenient ways to access cash, but they can also be expensive if you don’t use them wisely. This article will provide some tips for using ATMs smartly and minimizing fees.
1. Use your bank’s ATMs.
Most banks charge a fee if you use an ATM outside 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 more significant amounts of cash at once.
If you know you will need cash for multiple purposes, withdraw a more significant amount at once instead of making various 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 cost before withdrawing 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 money without an ATM.
5. Be careful about overdraft fees.
Overdraft fees can be costly. To avoid these fees, keep track of your account balance and ensure you have enough money to cover your withdrawals.
6. Use a mobile banking app to check your balance.
Knowing how much money you have available before you withdraw cash can help you avoid overdraft fees.
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 want to save money on ATM fees, consider switching to a credit union.
Additional Tips
- If traveling, research your bank’s fees for ATM withdrawals in other countries.
- Be aware of the different types of ATMs available. Some offer additional features, such as depositing cash or making 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.