| ATM Card Bank Fees |
| By Credit Federal |
Published
09/20/2007
|
Financial Tips
|
|
|
|
|
ATM Card Cash Withdrawal Fees
An ATM card offers many conveniences and is often available to people of any credit rating. Yet like many things, they have a bad side.
Bank fees and gas prices... two things that seem to always be increasing. So how can you eliminate; or lower, ATM fees?
Many banks charge ATM usage fees. Some banks; however, don't charge their customers for using their ATM machines, yet may charge non-customers for using their ATM machines. The question many consumers and legislatures want answered is whether or not these fees are necessary and; if so, are the rates too high and should be regulated?
FYI: Last year, ATM users paid nearly $4.2 billion in ATM fees. The banks listed below do not charge ATM fees, and also refund ATM surcharges charged by other banks.
Bank Refund policy
Umbrella Bank up to $7.50 per statement cycle
EverBank up to $6 per month with mailed receipts
Commerce Bank unlimited with $2,500 minimum daily balance
E*Trade Bank unlimited with $5,000 balance after transaction
Compass Bank unlimited with mailed receipts
Banks that do charge ATM transaction fees are announcing plans to raise them even higher. Since the last semiannual survey, 22 banks boosted these fees. Some consumers actually get socked with fees twice. Once when using a competitor bank's ATM, and again by their own bank's charge.
The average ATM surcharge is now at an all time high of $1.64, up from $1.60 and $1.54 in the spring 2006 and fall 2005 surveys.
Although ATMs are convenient, a $3 fee charged by your own bank to withdraw cash seems senseless when it may actually cost the bank more in labor to staff tellers to perform these simple transactions.
Hence, several bills to ban ATM surcharges have been introduced in Congress since surcharging began in 1996, but none have yet to proceed beyond committee.
Meanwhile, here are options to avoid ATM fees:
1) Use only your own bank's ATMs.
2) Use your debit card to make purchases and ask for cash back (if your bank and merchants permit it).
3) Use online banking. Some banks which are online only and have no branches will actually waive monthly ATM fees, and even refund ATM surcharges their customers pay.
4) Look for; and use, a bank that waives ATM fees for maintaining a minimum monthly balance.
|
Related Articles
Email this article to a friend - click here
Webmasters: Free Credit Content for Your Website!
Multiple ways to use our financial content:
*) You can use our RSS Feeds for automatic insertion and updates
*) You can simply link to this article
