Avoiding ATM Fees

Some quick tips on how to avoid fees charged by ATMs when withdrawing cash.

Oftentimes you might find yourself low on cash and needing to hit an ATM. Unfortunately this often happens when you are already at your destination or away from a nearby branch of your own bank. With fees ranging anywhere from $1.00 to upwards of $5.00, even one weekly withdraw from a fee charing ATM can add up over the months. Avoiding ATM fees is possible with a few things to keep in mind.

Take out enough cash when you visit a branch of your bank either through the ATM there or from a teller. Sure this won't help you out when you realize after the fact you need cash, but planning ahead this way will reduce the amount of money wasted on fees.

Use your smartphone with internet access to go online and search for nearby ATMs owned by your bank. You might be surprised to find one a few minutes away; the short walk is worth saving a few dollars.

See if the establishment you are at takes debit or credit cards. Note that many times ATMs in places such as bars, restaurants, and malls are often a "convenience" and thus a fee is charged to all users. If the place takes credit or debit you can pay with that to avoid having to take out cash. This might mean starting a tab, say at a bar, so be careful to track what is purchased and ask to see a copy of the final tab before paying the bill.

If you do need cash in hand see if the a nearby store allows you to make a purchase with a debit card and then do the cash back option. You could buy a drink or a small item and then take out additional cash without assessing a fee. Note that most cash back options are capped at an amount such as $35 or $50 per transaction.

Planning ahead is the best way to avoid all ATM fees but even if you find yourself faced with one ATM that has a high fee there may be some ways around it at the last minute.