ATMs are a convenient way to get cash from your account and make other bank transactions without having to go inside a bank branch, It's especially convenient outside of business hours or during the bank's busiest hours. But, remember may non-bank ATM operators are in it to make a buck. If you’re not careful, you could end up spending a lot of money just from going to the ATM.
Not paying attention to the ATM fee.
ATM fees shouldn’t take you by surprise. When you’re visiting an ATM, make sure you pay attention to the information on all the screens so you don’t miss the notification of the fee you’ll pay. Fees are added on top of the withdrawal amount and reduce your available bank balance. You should also be aware of the amount of fees you’re paying over a period of time so you know how much ATM visits are costing you.
Visiting ATMs outside your bank’s network.
Most banks don't charge an ATM fee as long as you visit an ATM within their network. But, if you go to an ATM outside the network, i.e. one from another bank, you’ll pay extra for it. You’ll pay a fee to the ATM operator, plus another fee to your bank for the cost of using a foreign ATM. The ATM operator will display its fee on the screen. Your bank’s fee, however, shows up on your account statement or online transaction log.
Withdrawing money multiple times in a week.
Frequent withrawals is particularly expensive if you’re going to ATMs outside your bank’s network. You can easily rack up $15 to $20 in ATM fees each month or even week because you’re going more than once. Instead of making mulitple ATM visits spend time planning the amount of cash you’ll need for the week and withdraw that amount in one trip. If your withdrawal limit isn’t high enough, contact your bank to ask about raising the limit so you can avoid going to the ATM more than once in a short period of time.
Paying ATM fees when you don’t have to.
Don’t pay an ATM fee for something like balance inquiry when you can call your bank’s automated line or login to your online account to check your balance. If you’re unfamiliar with the ATM fees your bank charges, contact customer service to get a copy of your fee schedule. Knowing how to avoid ATM fees can save you hundreds of dollars.
Leaving the ATM without your ATM card.
Before you drive or walk away from the ATM, make sure you’ve placed your card back into your wallet. Some banks pull in the ATM card and store it until you come back to claim it. If you’re not that lucky, the next person who visits the ATM could grab your card and use it to make charges on your account. Either way, you’re without your card until you get your card back from the bank or until you order a replacement. And you might end up having to fight fraudulent charges. Check for your ATM card right after you leave the ATM and contact your bank right away if you notice it’s missing.