How to Avoid ATM Fees
This is probably the most practical blog I’ll ever write. I do prefer writing abstract ideas and posting cool quotes, but this is something I feel strongly about and I thought I’d share. I have HUGE issues with paying money (a.k.a. ATM fees) for accessing my own money. It came to a head when Citibank (the bank where I USED TO keep my money) would charge me for taking money out of someone else’s ATM. In other words, if I stopped by a Wachovia ATM then I had to pay the Wachovia fee ($2 - $3.50) and on top of that my bank (Citibank) would punish me for not using a Citibank ATM and charge me another $2. Outrageous! I thought that my bank would be on my side. Nope. Here are some solutions I’ve come up with:
- I left Citibank and opened an ING account. ING does not have ATM machines and therefore they will not charge an additional “punishment” fee. I’ve heard of another bank, Charles Schwab, that actually reimburses you the ATM fee that other banks charge. I don’t know this for certain, I’ve only heard it. In any case, I can testify that ING does not charge for using another bank’s ATM.
- There is a great Philadelphia institute called Wawa. Wawa ATMs have been fee free since they were first installed up until this very day. Good for Wawa! Therefore, if I use my ING card at a Wawa then I pay nothing (read: nothing) to take out my own money.
- If I’m in Manhattan, and I often am, then I take money out at McDonald’s. Their ATMs only charge $.99, which in New York is as close to paying nothing as you’ll get. I’m not sure if McDonald’s all over the country have this fee. It’s worth looking into!
- Consider stopping in CVS and other convenience stores and getting cash back—there is no fee for this. Grab a stick of gum (this way you get something for you $.99) and then take out money on top of it.
- The United States Post Office also gives cash back. Stop in and bye pretty stamps on your debit card and get cash back for no additional fees.
ATM fees add up! Avoiding them is a good way to save money while symbolically sticking your middle finger up at the greedy banks that started charging in the first place.
March 18th, 2009 at 11:18 am
Charles Schwab does indeed reimburse ALL ATM fees at the end of every month.
I have the experience of working at ING Direct. It’s a good bank for a savings account, but make sure you don’t drink the kool-aid. The employees WILL try to get you to drink it.