Routine charges applied by U.S. banks to their customers who withdraw cash from out of network ATM’s can add up significantly over a year. Whilst people are making many budgetary cuts to escape the rising cost of living, few pay close attention to the fees and charges imposed by banks, routinely staying with their own bank out of complacency. It is no surprise to hear that some banks are testing the waters to see how far they increase these fees before their customers wise up and search out more friendly ATM banks.
Using the most convenient ATM can result in typical fees of $5 for customers using a non affiliated network ATM. Not only does the out of network bank add a charge but many times your own bank penalises you for going out of their network. The biggest banks can be the worst for such practices so it pays to consider other banks that are offering free services to win over their rival competitors customers. Currently the best deals available are from internet banks or on internet accounts.
The top ATM friendly bank is the internet based Incredible Bank which guarantees no ATM fees ever (on domestic ATM withdrawals). In addition to refunding all ATM surcharges it stands out from other banks by offering fee free banking and pays interest on balances. Provided consumers keep all their ATM receipts and send them to the bank within 90 days, BBVA Compass Bank also refunds all surcharges charged by competitors.
Consumers that have had enough of paying to withdraw their own money can also consider choosing smaller banks that have fewer ATM’s. As they can’t provide the same network coverage as the larger banks they are more likely to offer the service free.
When searching out banks that refund ATM surcharges consumers should be aware of the caveats imposed by many. Often the consumer is subject to a monthly limit of either number of transactions or value of charges. Many banks insist on checking account balance remaining at a certain level in order for customers to enjoy refunded surcharges.
Ever Bank promises to refund all out of network ATM fees providing customers maintain a daily balance of $5,000. The Charles Schwab Bank also advertises unlimited ATM reimbursements, as does the People’s United Bank although some caveats do apply. The PNC Bank offers one of the best deals around as its free ATM transactions even apply to international transactions. Provided a minimum balance of $2,000 remains in the account all bank fees are waived.
Consumers who want to manage their finances well should eliminate unnecessary bank charges by breaking free of the complacency that hampers the switch to a rival bank. Not only are ATM friendly banks waiting for new custom but they are aligning checking accounts to free banking and high yielding checking accounts.