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    Understanding ATM Fee Charges for Forex Trading

    Understanding ATM Fee Charges for Forex Trading

    Understanding ATM Fee Charges for Forex Trading

    As the use of ATMs grows, so do the fees associated with taking out cash from an ATM. From unsavory add-on charges to hefty surcharges, the cost of accessing cash from an ATM can add up quickly. This article explores the different ways ATM fee charges are assessed for using ATMs in a foreign country, as well as strategies for avoiding or minimizing these costly fees. ATM Fee Charges Review

    ATM fees can be costly and have been on the rise in recent years. Many banks will charge you an additional fee for using an out-of-network ATM. To understand if these fees are justified, it helps to take a look at some of the factors that influence the cost of banking transactions. We have put together some information about ATM fee charges, so you can make an informed decision about which ATM to use.

    What Are The Average Costs Of ATM Fees?

    According to Bankrate, out-of-network ATM operators charge customers an average fee of $4.73. That’s nearly a 2 percent increase from the previous year and more than double the average fee charged in 2014. This means that just using your card twice in one month could put you at risk of paying extra fees. It’s important to know the fees associated with your bank and any out-of-network ATM you may use. It may be wise to get a bank account that does not charge ATM fees or refunds ATM fees charged by another financial institution.

    How Do Banks Determine ATM Fees?

    ATMs are run by a combination of banks, financial companies, merchants and third parties. Banks will use factors such as ATM locations, number of transactions and network services for each ATM to decide if a fee should be charged. But if your card is tied to a bank or financial institution that has data-sharing agreements with other banks or financial institutions, you may be able to avoid fees. Check with your bank for more information.

    What Are Surcharge Fees?

    Surcharge fees are fees charged by the ATM operator, usually independent of your banking institution. These fees are often 1 percent to 3 percent of the amount of a purchase or ATM withdrawal. MoneyPass® ATMs are surcharge-free and provide customers with a convenient alternative to paying an ATM transaction fee elsewhere.

    What Are Opt-In Fees?

    Opt-in fees are charges assessed every day the account remains overdrawn. In general, for debit card transactions at ATMs or at merchants, consumers must opt-in, or make a conscious decision to pay the fees. This fee can be as much as $37 for each overdraft transaction. Banks may also charge additional fees to cover the cost associated with processing returned checks.

    What Are Extended Overdraft Fees?

    Extended overdraft fees are flat fees that banks charge for being overdrawn after a certain period of time. Banks don’t charge these fees if the account has gone back into overdraft again within a specified time period. These fees range between $25 to $35 each time they are assessed.

    Are There Any Other Fees To Consider?

    In addition to ATM fees, banks may also charge for insufficient funds, returned checks and deposits that exceed a certain amount. These fees are separate from ATM fees and depend on your bank or credit union. For more information about these fees, check with your bank or credit union.

    Final Thoughts On ATM Fee Charges

    When using an ATM, it is important to be aware of all fees associated with the transaction. Be sure to check with your bank for what fees are charged for using an out-of-network ATM. It is also important to know the fees associated with overdrafts and returned checks. Knowing about all of the ATM charges can help you make an informed decision and keep your banking costs down.