That little fee tacked onto your withdrawal when you use an automatic teller machine outside your bank network is not only annoying — it’s a terrible financial move.
Just a few dollars might seem insignificant at the time, but what you may not think about is that ATM fees can make up an obscenely high percentage of the money you’re withdrawing.
For instance, if you are taking out $50 and you pay a $2.50 fee to the bank whose machine you are using, plus a $2 fee to your own bank, you just paid an additional 9% to access your own money. You wouldn’t take out a mortgage at that rate, so don’t pay that rate for your own cash!
My husband used to be a serial out-of-network ATM user. I formulated this list of tips to help him avoid the insidious habit.
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