ATM Banks

Say NO to ATM Bank Fees

ATM fees steal your own hard earned money.

Paying to use your own money just does not make sense. Banks usually invest the money you keep with them and make a good profit off of the interest they earn. Most ATMs are going to charge you a fee of around $2 to $4, unless the ATM belongs to the bank that you have your checking account with. If you draw cash from an ATM once every week, it could end up costing you $104 to $208 for the year! There are several ways to avoid the ATM fees. First of all, you should only withdraw from your own bank's ATM machines. This will eliminate the fees. Then, be sure to withdraw more than you think you will need each time you go, that way you will not have to make an "emergency" stop at another bank's ATM and pay a fee. Avoiding ATM fees takes a little discipline, but it is really not that difficult once you have a game plan and develop good habits. Apart form this; banks also offer benefits to people who do electronic banking since this type of banking increases their business.

Getting an offshore account

Having an offshore account allows you to access or transfer your money wherever in the world through ATMs. However, not all banks may be able to offer this service so it would be a good idea to open such an account with a bank with a strong international presence. Doing so would also help you reduce ATM fees since using another bank's ATM machine to access your account will involve additional fees.

Offshore accounts

Electronic banking is a convenient way to access and transfer funds because ATMs operate for 24 hours and they can be found in most places. For expatriates and travelers, this convenience has also been made available to them through offshore bank accounts. This is because offshore accounts allow them to access and transfer funds even if they are in a foreign country through ATMs.

Let's face it... any bank, credit union or any of the many financial institutions across this great country are in the business to make money. A prime place to begin is ATM's (Automated Teller Machines).

In addition to the convenience, these machines are cash cows to any financial institution.

ATM's are loyal 'employees' and they don't ask to get paid. Rather, should I say, YOU pay the banks when you are charged the ATM fee.

On average, the ATM fee is $3.00 per transaction. This fee is charged to the user even if you simply make a balance inquiry.

Now, in most cases, it is true that if you use an ATM that is owned by the bank that you do business with by having an open and active account, you should not be charged any fee at all.

However, many times in our 'rush and go' day we don't have time to go searching for an ATM owned by our bank.

ATM's are easily accessible, they are everywhere and the machines are fast.

At $3.00 a pop - twice a week for 52 weeks per year, this adds up to over $300 dollars in fees to the banks and owners of the ATM.

I have made sure that my bank does not charge me to make purchases with my debit card. If they did assess a charge, I would definitely be looking to change banks.

Every money saving strategy counts. Planning and cutting your ATM fees can go a long way to putting money right back into your pocket.

The key here is to avoid the ATM fees as much as you possibly can.