ATM fees steal your own hard earned money.
Paying to use your own money just does not make sense.
Banks usually invest the money you keep with them and make a good profit off of the interest they earn.
Why do they need to nickel and dime you for "letting" you use your own money? This is a dis-service to any loyal responsible customer.
Most ATMs are going to charge you a fee of around $2 to $4, unless the ATM belongs to the bank that you have your checking account with.
If you draw cash from an ATM once every week, it could end up costing you $104 to $208 for the year! You may be thinking, "Oh, that's only a couple hundred dollars in the span of a whole year, it's no biggy".
Sure, but when you put that amount in perspective, it becomes much more significant.
For example, $208 could help provide for a child's nourishment for over six months with Compassion International.
Or, as another example, if you invest $208 into a mutual fund that grows at a rate of 7% for thirty years (minus taxes and inflation) it could be worth around $8,686.
That's a significant amount of money for such a small act.
If you let the little fees in life get the best of you, you will always have a hard time becoming financially stable.
The little things add up, and add up fast.
There are several ways to avoid the ATM fees.
Here are a few.
First of all, you should only withdraw from your own bank's ATM machines.
This will eliminate the fees.
Then, be sure to withdraw more than you think you will need each time you go, that way you will not have to make an "emergency" stop at another bank's ATM and pay a fee.
You will have to plan ahead, which is not always a popular thing to do in this day and age, but it will be worth it- you will see.
Try to look at it this way: Any time you have to pay a fee, it's because you got lazy.
Nobody wants to be considered lazy.
Another way to avoid the fees is to open a checking account with a bank that does not charge ATM fees, even when making withdraws at other bank's ATMs.
Most of these banks are accessible only online, such as ING Direct or Bank of Internet.
They will reimburse you the $2 to $4 ATM charge.
You will have to pay the fee when making the transaction, but it will be given back to you later on.
Avoiding ATM fees takes a little discipline, but it is really not that difficult once you have a game plan and develop good habits.
Simply resolve not to get cash for yourself unless it's free.
After all, it's your cash.
Why pay to get it?
Paying to use your own money just does not make sense.
Banks usually invest the money you keep with them and make a good profit off of the interest they earn.
Why do they need to nickel and dime you for "letting" you use your own money? This is a dis-service to any loyal responsible customer.
Most ATMs are going to charge you a fee of around $2 to $4, unless the ATM belongs to the bank that you have your checking account with.
If you draw cash from an ATM once every week, it could end up costing you $104 to $208 for the year! You may be thinking, "Oh, that's only a couple hundred dollars in the span of a whole year, it's no biggy".
Sure, but when you put that amount in perspective, it becomes much more significant.
For example, $208 could help provide for a child's nourishment for over six months with Compassion International.
Or, as another example, if you invest $208 into a mutual fund that grows at a rate of 7% for thirty years (minus taxes and inflation) it could be worth around $8,686.
That's a significant amount of money for such a small act.
If you let the little fees in life get the best of you, you will always have a hard time becoming financially stable.
The little things add up, and add up fast.
There are several ways to avoid the ATM fees.
Here are a few.
First of all, you should only withdraw from your own bank's ATM machines.
This will eliminate the fees.
Then, be sure to withdraw more than you think you will need each time you go, that way you will not have to make an "emergency" stop at another bank's ATM and pay a fee.
You will have to plan ahead, which is not always a popular thing to do in this day and age, but it will be worth it- you will see.
Try to look at it this way: Any time you have to pay a fee, it's because you got lazy.
Nobody wants to be considered lazy.
Another way to avoid the fees is to open a checking account with a bank that does not charge ATM fees, even when making withdraws at other bank's ATMs.
Most of these banks are accessible only online, such as ING Direct or Bank of Internet.
They will reimburse you the $2 to $4 ATM charge.
You will have to pay the fee when making the transaction, but it will be given back to you later on.
Avoiding ATM fees takes a little discipline, but it is really not that difficult once you have a game plan and develop good habits.
Simply resolve not to get cash for yourself unless it's free.
After all, it's your cash.
Why pay to get it?