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You may agree that there are very few things in this world as annoying as your money costing you money. That’s precisely what happens when you use an ATM to make a withdrawal, deposit or check your bank account balances. The fees are pretty high when you use an ATM that isn’t operated by your bank or financial institution.
In most cases, you’ll have to deal with fees charged by both the bank whose ATM you use and by your bank for using an outside ATM.
ATM banks vary from bank to bank and country to country. The following are informed estimates of what you may expect to pay when you use an ATM in and outside of the United States:
The problem with this non-network fee is that you probably won’t be told about it during the transaction. It just shows up on your bank statements.
There are, however, some banks that offer to waive these fees if the client has a huge balance in higher-tier savings or checking accounts. Some banks also reimburse these fees.
When you go through your bank statement, you may see lots of ATM charges. Now that you know about those little $2.00 charges, you’ll start feeling them. If you want to reduce or eliminate these costs, there are some things you can start doing today. You may even want to re-think your ATM usage.
Here are some tips that will help you cut your ATM fees:
You could also do all your banking online. Many online bank accounts do offer ATM access. They usually fall under an ATM network of an affiliated bank or financial institution. You still have access to your money and don’t have to worry about extra ATM fees.
Trying to minimize paying ATM fees can help you save some money. And since you’re saving money, why not invest in an online savings account? Online savings accounts usually pay more in interest, which can help your savings grow even more. Plus, you’ll still have access to your money without paying some of those pesky ATM fees, as long as you use ones within your bank’s network.
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