Finance Globe

U.S. financial and economic topics from several finance writers.
2 minutes reading time (485 words)

ATM Fee Disclosure Sticker No Longer Required

With most of our paychecks being directly deposited into our bank accounts, a trip to the ATM is almost always necessary if you want to have cash on hand. That can often mean taking a trip to an ATM. A visit to a bank other than your own typically means you’ll have to pay a fee to the ATM owner and sometimes even to your bank, too. Many ATMs have disclosed their fee on a sticker on the outside of the ATM. However, these stickers may be disappearing, soon, and the government is allowing it.

Congress recently amended the law pertaining to ATM fee disclosures. ATM operators are no longer required to list their ATM fee disclosure information on this sticker. You won’t know whether that ATM will charge a fee and the amount of the fee until you put your card in the ATM. ATM owners are still required to disclose fees on the ATM screen once you begin your transaction. The notice has to be posted before you finish your transaction, so you’ll still have the chance to cancel the transaction and avoid the fee. Make sure you pay close attention, so you’re not paying fees you really rather avoid.

Note that your own bank may also charge a fee when you use another bank’s ATM. The foreign ATM owner is not required to disclose the exact fee or even the potential for a fee your bank may charge you for the transaction. Make sure you understand whether your bank will charge a fee before you use another bank’s ATM for a cash withdrawal or any other transaction. The average fee charged for using a foreign ATM is $1.40, according to a Bankrate.com survey.

One of the ways to avoid expensive ATM fees is to only withdraw cash from your bank’s machine. Many banks don’t charge their own customers to use an in-network ATM. It may mean driving a little further, so you have to decide if it’s worth the extra gas. Many banks have Smartphone apps that help you find an ATM close to you. Or, you can use their website to find an ATM near you or along your daily route.

You can withdraw cash from your bank account by writing a check for “Cash.” This may work, for example, if you have an account with a second bank and you want to withdraw money from an account with a different bank. Since you’re a bank customer, you should be able to cash the check without paying a fee.

A third option is to, buy something in a store using your debit card – say a grocery store or drug store – enter your PIN and choose the option to receive cash back. The amount you can receive may be limited depending on the store. Note that some stores charge a small fee, e.g. $1, for cash back debit card transactions.
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Monday, 26 August 2019

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