Posted on: 9 February 2016
While most retailers today are willing to take credit cards or checks, there are those who only do business in cash. For those who are used to paying for things with something other than cash, this can leave you having to find an ATM machine to get the cash you need to pay for your purchase. But, how much do you really know about using an ATM machine? Many people simply use them without thinking about the fees associated with them. To help keep more of your money in your pocket, check out the following tips to prevent paying additional fees when you don't need to.
Find an in-network ATM.
One of the best ways to avoid paying fees on ATM withdrawals is to find an ATM machine within your bank's network. Start by trying to find an ATM at one of your bank branches nearby. If that isn't an option, look into one in the co-op network. Many debit cards will have the co-op logo on the back of them. If that is the case, you can use any ATM machine that has the same logo on it. Some credit unions and banks also have what is known as a reciprocal agreement with other financial institutions. This means that if you use one of their ATM machines you won't be charged a fee. Always ask your bank about this so you know what ATM machines you can use for free.
Get cash back on your debit card purchase.
Just because that one merchant doesn't take debit cards doesn't mean that all merchants are the same way. Find another retailer nearby who is willing to take debit cards. Purchasing something as small as $5 will allow you to get cash back for free to pay for your purchase at the other store. Depending on the retailer, you could get anywhere from $20-100 back. However, all retailers have their own requirements, so make sure to ask about them first.
Ask your bank about crediting the ATM fees.
Some banks are willing to credit their customers so much back in ATM fees. Whether it be a certain dollar amount or a certain number of times, each bank varies. Ask your bank representative if they have this program available to help save you on fees when you are in a pinch and need a quick ATM withdrawal.
By following the tips above, you can save yourself significantly on the amount of fees you pay at ATM machines. Contact companies like NCATM Associates LLC for more information.Share