How to Avoid ATM Fees

Many ATM's charge users fees to make transactions. Such fees may seem small, but they really add up, taking a large chunk out of your budget. Fortunately, it's easy to avoid ATM fees most of the time.

Instructions

Avoid ATM Fees

1. Set up your account at a bank that does not charge ATM transaction fees. Some checking accounts place a limit on the number of withdrawals you can do each month. These accounts may offer increased interest rates or lower monthly fees, but be sure they suit your spending habits.

2. Join a bank that has a large ATM network. Not all banks have the presence of some national chains, but many of them work together to provide increased coverage for their clients. Find out which banks are in your network, so you can avoid fees from using generic ATM's while you travel.

3. Use your debit card whenever possible to avoid using ATM's. Debit cards are free with most checking accounts and can be used almost anywhere. Some banks even offer perks for using your debit card if you hold savings accounts with them too.

4. Buy traveler's checks when you plan a trip to a foreign country. Some banks have international networks and allow you to use foreign ATM's with no fees. Traveler's checks reduce the hassle of trying to find and use ATM's in a different language, often providing a better exchange rate.

5. Anticipate your cash needs. If you have a limited number of no-fee ATM transactions, try to make withdrawals in larger amounts. It's more efficient to take out $100 and spend it over the course of a week than it is to use an ATM every day.

6. Get cash back when you make a debit-card purchase. Not only will cash back save you from paying ATM fees, but it also saves you the time of having to go to one. Be sure to ask your bank whether it charges a fee for using the cash-back option.

Tips & Warnings

• Some smaller banks have started to reimburse ATM fees in order to remain competitive with larger chains.

• Don't hesitate to pay an ATM fee if you're in an emergency situation and can't find a no-fee machine.

• You need to be careful about the amount of money you keep in your wallet if you make large withdrawals each week. It may be safer to keep the majority of your cash at home and carry only what you'll need each day.