Getting cash from an ATM can become handy when you are in an urgent need of money, but it isn't that great when it comes to extra fees! Check these tips and learn how to skip them.
Payment apps and credit cards have simplified wallets, allowing you to leave home without cash in it. However, there are times in which you need cash and that's when ATMs save your day!
These magic machines can give you the dollar bills you need, but they may also charge you for that. Bear in mind that the fee for withdrawing from an out-of-network ATM has an average cost of $4.69.
Nevertheless, there are a few steps you can take to avoid being charged for withdrawing money from an ATM. Take a look at this guide!
1- How do ATM fees work?
In order to learn how to avoid fees, you should understand how they work.
When you use an out-of-network ATM, your financial institution will pay a fee to the company that allows your withdrawal. You will later see this in your balance as a non-bank ATM fee.
2- Check your bank's ATM network
Now that you know why there's an out-of-network ATM fee, make sure that you know where your local ATMs are. This is the best way to get free withdrawals!
Remember that you can use your smartphone to locate the nearest ATM from your bank's network! Also, check retailers and gas stations, as major banks usually have a partnership with these stores to offer no-fee access to their ATMs.
3- Cashback with purchases
If you can't find an ATM, you can go to a grocery or convenience store and make a small purchase with your debit card. This will allow you to get cash back without fees.
4- Plan your withdrawals
If you have regular expenses for which you need cash, then you can plan in advance to get the money and avoid having to desperately look for a last-minute ATM withdrawal.
In addition, if you have a plan, then you will also avoid carrying around plenty of cash.
5- Go cashless
If you really want to avoid ATM fees, just stop using cash altogether. Over the last five years, I’ve come across just a few businesses that wouldn’t take my credit card. I took my needs elsewhere. The food cart, restaurant, and store that lost out on sales for cash-only policies are not enough reason for me to change my purchasing and payment habits as a consumer.