No one likes paying fees to access their own money, but if you use an out-of-network ATM, there’s a good chance that’s exactly what’s going to happen. And unfortunately, ATM fees continue to climb. According to a recent Bankrate surveyAs a courtesy, you will be leaving Blog.Bank5Connect.com and going to another website. We have approved this site as a reliable partner, but you will no longer be under the security policy of Bank5Connect.com. Come back soon!, ATMs on average charged $2.90 to let non-customers withdraw money in 2016, compared to $2.88 in 2015.
And the fees don’t stop there. Your own bank will likely also slap you with a fee for using an ATM outside of their network. The Bankrate survey revealed this charge to be an average of $1.67 in 2016, up 1.8% from the year before. So, with both fees, you’re looking at an average cost of $4.57 to withdraw your own money from an out-of-network ATM.
The good news, is that there are sure-fire ways to avoid these types of ATM fees. The first and most obvious method is to refrain from using an ATM outside of your bank’s network. If you’re planning a trip, be sure to take out enough cash from your regular ATM or bank beforehand. Or, prepare yourself by checking to see if there will be any in-network ATMs around your destination. In this day and age, it’s easier than ever before to locate an ATM within your bank’s network. Most banks have this information available on their website or mobile app.
Some banks are also part of a “shared” ATM network. In a shared network, customers of one bank can usually use the ATMs of the other participating banks without incurring any surcharges. Bank5 Connect is part of the SUM ATM network, which includes thousands of ATMs across the country. Bank5 Connect customers can withdraw money at any ATM within the SUM network, surcharge-free. Visit http://www.sum-atm.com/As a courtesy, you will be leaving Blog.Bank5Connect.com and going to another website. We have approved this site as a reliable partner, but you will no longer be under the security policy of Bank5Connect.com. Come back soon! to see find a SUM ATM in your area.
Another way to avoid ATM fees is to open an account that offers reimbursements for ATM fees. Many online banks are able to offer these types of ATM fee rebates because “online-only” accounts cost them less money to operate. With Bank5 Connect’s High-Interest Checking account, customers are never charged by Bank5 Connect for using an ATM, and we reimburse other banks’ surcharges up to $15 per statement cycle.
If all else fails and you’re on-the-go and need fast access to cash, going the “cash back” route could also be a good alternative to using an out-of-network ATM. Many brick-and-mortar stores allow you to request cash back when you make a debit card purchase using your PIN number. So, rather than paying around $24.57 to take $20 out of an out-of-network ATM, you could buy a soda or a bag of chips for $1.50, and request $20 cash back. Your debit card gets charged $21.50, and you walk out with a snack and a crisp $20 bill.
So, stop giving your money away! If you do a little planning ahead, it’s easy to say no to ATM fees.