5 Tips for Avoiding ATM Fees

  • Like on Facebook
  • Share on Google+
  • Share on LinkedIn
Source: Thinkstock

Source: Thinkstock

You shouldn’t have to pay to withdraw your own money. But, as ATM fees continue to rise, you’re forced to spend more of your hard-earned cash just trying to access your own money. According to U.S. News, three of the nation’s largest banks — Bank of America (NYSE:BAC), Citibank (NYSE:C), and SunTrust Bank (NYSE:STI) – have all recently increased their out-of-network ATM fee from $2 to $2.50. “At the top-10 U.S. banks, the average out-of-network ATM fee is $2.45, up from $2.25 in November. Then, don’t forget that the ATM operator also has the right to slap on a surcharge, usually around $3 to $5.” But, there are several easy ways to avoid paying fees all together. Are you sick of of spending money on withdrawals? Try a few of these tips.

1. Take advantage of the cash back option

Many retailers will give cardholders the chance to withdraw additional money with PIN debit purchases, which typically don’t incur fees, per Debit Savvy. When you’re paying for an item, just look at the terminal where you’re swiping your card. Sometimes it will automatically ask you if you’d like to use the cash back feature and withdraw money. But, if you don’t see anything like that, just ask your cashier. Several stores offer a free cash back service when you pay with your ATM card, including Staples (NASDAQ:SPLS), Rite Aid (NYSE:RAD), Walgreens (NYSE:WAG), Whole Foods (NASDAQ:WFM), and Best Buy (NYSE:BBY), writes CBS News. There’s typically a limit to how much you can withdraw (the average is anywhere from $20 to $60), so keep that in mind if you’re hoping to withdraw a lot.

More Articles About:

To contact the reporter on this story: staff.writers@wallstcheatsheet.com To contact the editor responsible for this story: editors@wallstcheatsheet.com

Yahoo Finance, Harvard Business Review, Market Watch, The Wall St. Journal, Financial Times, CNN Money, Fox Business