If you are currently in the habit of replenishing your cash funds from ATM machines other than at the bank where you keep your money, you might want to check up on the fee you’re being charged.
Don’t just grab the cash an run, leaving the receipt at the machine or in the trash. And check your bank statement (who bothers to read all those fine-print brochures they keep sending, anyway?)
According to research done at Bankrate, the average fee to use another bank’s ATM is now up to $1.35. Overall in the US, ATM use fees have risen $1.40 just this year alone!
The rates charged by ATM machines are rising faster in urban areas and within the larger ATM networks. This was confirmed by research performed by Dartmouth professor Victor Stango and UC Davis professor Christopher Knittel.
What’s more, ATM machines that have no fees are becoming very scarce. Blame inter-bank charges for the change. It will pay you (in a lack of a surcharge) to look for ATM machines that participate in a network within your bank’s system.
Some of the larger ones include the STAR, MoneyPass, FastbankFree, CO-OP (nonprofit credit unions), and Allpoint. Also, Washington Mutual is the only banking system currently free of ATM charges, but this could change at any time. In New Jersey, Pennsylvania, Delaware, Maryland and Virginia, look for “Wawa” ATM’s in gas stations and convenience stores for fee-free service. more...
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