Why waste money on ATM Fees?
Most of us hate service fees. And yet, a lot of people pay a fee to use an out-of-network ATM.
During the past decade, these fees have risen 55 percent, according to a new study by Bankrate.com. The survey found that the average cost for getting cash from an out-of-network ATM is now $4.50.
"If you make one out-of-network ATM withdrawal every week at the average cost for those in Seattle, which is about $4.29, you're throwing away more than $223 a year needlessly," said Greg McBride, Bankrate’s chief financial analyst.
McBride says you can avoid these needless fees by planning ahead as to where and when you make your cash withdrawals. Whenever possible, you want to use a machine in your bank’s network.
“Pull out your phone, look at the bank's app, find a location of the nearest in-network ATM,” McBride said. “If you're really in a pinch and you need cash, but you're not near one of those network ATMs, you can always get cash back at the point of sale when you use your debit card."