Do you dread seeing those non-bank ATM fees on your bank statement? Do you wish you could eliminate those fees? Well today is your lucky day. Here are six ways to help you eliminate those pesky non-bank ATM fees while simplifying your personal finances at the same time:
Know your cash needs – Many times the reason we are charged those non-ATM fees is because we do not plan ahead. Knowing your daily cash needs will help you avoid using the non-bank ATM. Creating a budget or spending plan will help you determine your daily cash needs. By having budget you will know what your cash needs are so you will not have to visit that non-bank ATM and incur those dreaded ATM fees.
Limit your ATM transaction - Try to limit your ATM use to once per week when you know you will be able to use your bank’s ATM. I will assume your bank is either close to your home or job. Decide what day of the week is most convenient for you to make your weekly withdrawal so you’re not spending unnecessary time searching for your bank’s ATM or being charge unnecessary fees because you did not plan ahead. If you only go to your bank’s ATM once a week it also helps you control your spending because if your out of cash you know you have gone over your weekly budget.
Use only your bank’s ATM – The easiest way to eliminate those ugly ATM fees is to only use your bank’s ATM. If you find yourself constantly using the same non-bank ATM, why not consider either opening an account at that bank or moving your entire banking relationship to that bank. See Things to consider when opening a bank account.
Use debit card instead of cash – Stop using cash will eliminate your ATM usage. How can I stop using cash? Begin to use a debit card for all of your purchases instead of cash. Most places will accept debit cards. Not only will using a debit card eliminate the need to withdraw cash it will also help you manage your spending. Every time you use your debit card it will be shown in your account activity on your bank statement or shown online. Many times we forget how much we spend when we use cash unless you keep track of your cash receipts. With a debit card you do not have to keep track of your spending it will automatically be tracked ever time you use your card. This will help simplify your personal finances.
Use credit card instead of cash – Similar to using a debit card you can use a credit card for your usual cash purchases. Using a credit card will also enable you to track your spending. Using a credit card you may benefit if you use a rewards card. I would only recommend using a credit card if you pay off your account balance at the end of each month. DO NOT USE A CREDIT CARD if you carry a balance on your card every month.
Get cash without using an ATM – The old fashion way to withdraw money is to go to your local bank teller and request a withdrawal from your account. This is probably not the most convenient way but it still can be done. Another way to get cash without using an ATM so you can avoid non-bank ATM fees is to receive cash back when you use your debit card for purchases while shopping at your local grocery store or local drug store.
Take action to eliminate those non bank ATM fees by reviewing your ATM usage for the week. Think about how many times you used the ATM and how many times you were charged. Now determine how you will change your ATM usage to simplify your personal financial lifestyle. Let me know how you have eliminated or reduced your ATM usage to avoid those pesky non-bank ATM fees.