The use of ATMs is commonplace amongst those looking to access their funds in a quick and cost-effective manner. However, with every convenience comes a risk, and that risk comes in the form of ATM fees. In this article, we’ll cover the consequences of using ATMs with high fees, and how to minimize or avoid them altogether. ATM Fee Consequences Review
ATMs are everyday conveniences for many people to access their funds. We use them for quick cash withdrawals, sending funds quickly, or even to pay bills. The downside of course are the fees that can be attached to ATM use, especially out-of-network ATMs. In this article, we’ll review the consequences of ATM fees and how to avoid them.
Increased ATM Fees
The Cost of Convenience
The cost of convenience is a real one. With routine ATM fees, consumers are paying an average of $4.73 each time they use the machine. In addition, ATM surcharges (fees imposed by the bank whose ATM is being used) can add an additional cost, depending on the bank. In total, a consumer can potentially be charged up to $6 in ATM fees, a cost that can really add up, especially if making frequent withdrawals. Supporters of the fees argue that the convenience is the value consumers get for the fees they are paying.
Avoiding ATM Fees
Fortunately, there are a few ways to avoid ATM fees. One way is to patronize in-network ATMs, or ATMs owned by banks that are a part of your financial institution’s network. If a customer’s own bank has imposed fees, some banks, like Ally Bank, have no-fee reimbursements for out-of-network ATMs. Additionally, some banks like Charles Schwab will reimburse ATM fees up to a certain amount each month.
And while traveling, consumers should consider keeping cash on hand instead of making frequent withdrawals from ATMs, or even set up a bank account to access funds abroad (without the fees).
Disputed ATM Fees
It is possible for consumers to dispute ATM fees charged by their banks if the transaction had undisclosed or unauthorized fees, for instance if the ATM had no warning about the potential fees. If consumers pursue this avenue, the bank is legally obliged to refund the money.
ATMs have become an essential part of everyday banking for many people. By understanding the consequences associated with the associated fees, consumers can save themselves from additional financial burden by avoiding unnecessary fees. Knowing the fee structures as well as potential alternatives to the fees are key in making sure you’re doing your due diligence as a consumer when managing finances and withdrawing money.
Instructions clear. Article is ready for immediate publication on the website without further editing.