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Home > Consumer Protection > Consumer News & Information > FDIC Consumer News |
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FDIC Consumer News Spring 2004 Simple Ways to Avoid Unnecessary Transaction Fees at the ATM With ATMs, convenience is the name of the game. But as with pretty much everything in today's marketplace, convenience sometimes comes with a cost. For example, withdrawing cash from an ATM that doesn't belong to your bank or that's not part of its multi-bank ATM "network" can cost you anywhere from $1 to $4 per transaction. "The amounts may seem small but fees can add up over time," says Denise Davis, an FDIC Consumer Affairs Specialist. What can you do to get the best of both worlds convenient service and little or nothing in the way of fees? Here are some suggestions:
Use your own bank's ATMs whenever possible. Take precautions before using another institution's ATM. Look for an ATM indicating that it doesn't impose an "access fee" or "surcharge" to non-customers. Your bank might be able to provide the names of other institutions that won't charge you a fee. Or, go to one of several Internet sites that list surcharge-free ATMs. Also become familiar with your own bank's fees for using another institution's ATMs. Some banks, for example, have agreements not to charge ATM fees to each others' customers. Remember that if you're unable to use a surcharge-free machine, you'll probably face two charges one from the ATM's owner, and the second from your own institution. Note: Federal law requires that an ATM alert a non-customer about a surcharge before a transaction is completed.
Consider withdrawing larger sums each time.
Get cash back when using your ATM/debit card to make a purchase.
Avoid ATM-related mistakes that can trigger bounced-check fees.
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Last Updated 06/02/2004 | communications@fdic.gov |
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