What's the best strategy for avoiding ATM fees?
Business · High School · Mon Jan 18 2021
Answered on
To avoid ATM fees, you can utilize several strategies:
1. Use your bank's ATMs: Make withdrawals at ATMs owned by your bank, as most banks do not charge their own customers for using their machines.
2. Open an account with a bank that has a large ATM network or that offers ATM fee reimbursements, ensuring that you can use any ATM without worrying about fees.
3. Cash back at retail outlets: When making a purchase with your debit card, request cash back. This is typically a free service.
4. Plan ahead: Withdraw larger amounts of cash less frequently to reduce the number of times you use an ATM and thus avoid additional fees.
5. Check your bank's app or website: Find fee-free ATMs in your bank's network using their online tools.
6. Choose the right account: Some banks offer checking accounts with no ATM fees or they will reimburse you for fees charged by other banks' ATMs.
7. Go digital: Use online banking or mobile apps for transactions that don't require cash. If you can pay with your phone or online, you may not need cash as often.
8. Avoid ATMs in convenience stores, casinos, and other locations which often charge higher fees.
By considering these strategies and understanding your banking habits, you can effectively avoid unnecessary ATM fees