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Though carrying around cash is increasingly becoming an outdated habit, there are still times in life when a debit card, credit card, or a digital wallet payment simply won’t suffice.
On those occasions when it’s still necessary to withdraw cash from a bank account, whether it’s to tip a service provider or give your child allowance, the last thing you want to do is pay an ATM fee simply to access your own money.
The good news is that there are plenty of ways to avoid these annoying charges, particularly if you plan ahead.
Stay away from out-of-network ATMs
This should be a no-brainer, but one of the simplest ways to avoid paying a withdrawal fee is to stick to your own bank’s ATMs whenever possible.
“If you belong to a large bank, you can find your nearest branch by searching via the bank’s website or app on your phone,” Rebecca Gramuglia, personal finance expert at TopCashback.com.
Switch bank
Yet another way around ATM fees is to change banks altogether if you don’t like the policies at your current financial institution.
Get cash back at a store
Countless stores these days provide cash back, at no additional charge, when you make a purchase using a debit card.
Look up your bank’s free ATM agreements.
Joshua Hastings, founder of the site Money.Life.Wax, suggests going online and researching which ATMs your bank allows you to use for free.
Leverage your bank’s mobile app.
Most banks have a mobile app that can be used to check your statements, pay bills, and transfer money. But not all consumers realize that such apps can often be used to find fee-free ATM machines, too, said Michael Outar, owner of the personal finance website Savebly.com.
Stash some cash
If you’re busy and can’t make frequent trips to your bank or other in-network ATMs, keep some extra cash handy at home or another safe place. That way, if an unexpected luncheon or cash-only activity presents itself, you can grab your rainy-day cash, avoiding the fees associated with using a non-bank ATM, says Elise Yung, senior vice president of Consumer Banking at Axos Bank.
“By and large, it’s good practice to give yourself a ‘meals and entertainment’ budget each month so that you know what you need to set aside,” said Yung. “You should also assume that part of that allotment needs to be in cash since not all establishments take plastic or digital wallets. This will make it easier to plan ahead so that you’re not stuck with a bunch of bank fees for unplanned trips to non-bank ATMs.”
Many of the mistakes people make are due to spur-of-the-moment decisions that can literally cost you, added Yung. Putting yourself on a budget and planning ahead put a significant dent in those excessive ATM fees.
