ATM fees are very common. People who regularly withdraw money from an ATM machine know this very well. If you withdraw money from an ATM machine, other than your bank, for more than a certain number of times, then you have to pay an ATM fee on your every withdrawal.
ATM fees are quite annoying for everyone who uses a debit card. And, people who do not pay heed to these fees, should know that ATM fees can result in an awfully huge amount. This appears ridiculous know that you have to pay fees for accessing your own money.
Before we tell you the ways of how to avoid ATM fees, let me explain what this really is. So, if you do not know yet about this type of bank fees, you should be all ears. Whether you use an out-of-network ATM or your bank’s own ATM, if you exceed a certain number of withdrawals, you have to shell out an ATM fee.
This ATM fees may not seem much at first, but when you calculate it at the end of the month, it can add up to a huge amount. Therefore, people who frequently use an ATM machine for their withdrawals should know how they can stay away from ATM fees.
Choose a bank that does not charge ATM fees
The first and foremost thing that you can do to avoid ATM fees is to opt for a bank that does not charge you with ATM fees. With an escalating number of online banks, you are spoilt for choice when it comes to choosing an ATM-free bank. Instead of selecting a bank that charges ATM fees, you can avoid such banks and choose one that does not. It is not necessary that your bank assesses all type of bank fees.
Moreover, ATM operators have their own fee rates. However, online banks hook up with big ATM networks in order to provide access to a large number of ATMs across the world. This is why online banks do not charge ATM fees.
Download an online location finder of your bank
In this digital world, almost every bank has its online mobile application, which informs customers about the whereabouts of their bank’s branches and ATMs. Arming yourself with the online location finder of your bank can help you in withdrawing money from your own bank, thus saving you the ATM fees levied on using out-of-network ATMs. The mobile application comes in pretty handy, when you are in an unfamiliar place like a foreign country. You do not have to rush to the first ATM you see and rather you should check out your bank’s ATM location via the app.
Withdraw more than you require
One way of how to avoid ATM fees is to withdraw more amount than you require. Carrying more cash can help you avoid withdrawing every week from the ATM. Rather than withdrawing a minimum amount of money; you can plan ahead and take out more cash from the ATM.
This way you can reduce the ATM surcharges that you have to shell out with your every withdrawal. However, with extra cash some people tend to overspend. Make sure that you do not become extravagant with more cash.
Fill your wallet at 50 per cent
You should carry an optimal amount of money in your wallet. For instance, if you carry Rs. 5,000, then it is wise to fill it up at Rs. 2,500 by stopping at your bank’s ATM. However, if you tend to spend money just because it’s in your pocket, then you should be craftier about how and where you stack your emergency reserve.
You can keep it in the dashboard of your car, a zipped inside pocket of your jacket, or somewhere you cannot see the cash. You can also create a backup in your home cabinet and replenish it, when it is drained off 50 per cent of the total amount.
Pay with your debit card
Just like a credit card, you can pay with your debit card at many retail outlets, restaurants, salons, etc. Plus, most of the banks offer cash back, when you make a purchase or use their debit card somewhere. Thus, by paying with your debit card, you do not have to pay ATM fees and on top of that you get cash back too.
So, these are the 5 ways that can make you aware of how to avoid ATM fees. Use these tricks and ensure that you do not have to pay ATM fees ever. You will see how much you save by avoiding ATM fees at the end of the year. You can invest this money and grow your nest egg.