When it comes to managing your household finances it is important to make sure that you do not waste your hard earned cash on things that can be avoided. ATMs are well known for charging you fees that you can avoid. If you opt to withdraw money from an out of network ATM, you may get charged by both the bank branch you use to withdraw money from, as well as the main financial institution that you bank with.
To save you from ATM fees, you should stick to only using your network of ATMs for banking withdrawals. Out of network bank withdrawal charges cost you on average about $3.40. But depending where you withdraw money from it can be anywhere from $1 to up to $10. One way to avoid ATM fees is banking with a large national banking chain like Bank of America, Chase, or Citibank – this way you will have a large network of ATMs at your disposal.
Of course there are emergency situations where cash is needed and the type of ATM you use is non-negotiable. In those situations, supermarkets or pharmacies may be an alternative choices for saving money on ATM charges. If you make a small purchase using your debit card at a retailer that offers cash back with purchase, you can buy a pack of gum or mints for $1 and then take out the cash maximum allowed by the store. Sure, you are still spending a dollar that you would have otherwise kept in pocket by using a network ATM, but at least you have an item to show for the expenditure.
Every penny counts these days and using your financial institutions network of ATMs can help. Small savings can add up to anywhere between $100-$200 annually, depending on how many times you withdraw money.