Beware of HIDDEN $6 ATM Fees
By
Staten Island, NY Posted: 5/16/2016 1:00:00 AM
Did you know most banks charge an ADDITIONAL $3 fee to use an ATM?
Although ATMs are required to disclose their fees before you agree to use them, most people aren't aware that their own bank will charge them too, and they won't know about that fee until they take the time to read it on their statement. In most cases, that's an additional $3, and you may not even notice the second fee until weeks later.
I realized this the hard way, when I just happened to notice the $3 fee on my statement. At first, I assumed it was the $3 fee I agreed to when I used the ATM, but then I realized that the $3 ATM fee was already included in the transaction.
So, my original $20 withdrawal read $23, then there was a separate $3 ATM Fee... for a grand total of $6, for just a $20 withdrawal, which is equal to a 30% fee.
Could you imagine that? A 30% fee to retrieve your own money? That's pretty messed up.
Once I realized how much my bank was ripping me off, I decided to switch banks, so I decided to call all the major banks like Citibank, Chase, TD, etc, and I discovered that ALL of the top banks charge the same $3 fee to use a third-party ATM. I'm sure I could eventually find one that doesn't but then I'd have to give up the convenience of a neighborhood bank.
Since that date, I've never used a third party ATM again. On the rare occasion that I need cash and I'm not near my own bank, I just buy something in a store using my debit card... and ask for cash back.
So be aware... call you bank. If nothing else, to complain. Perhaps if enough people complain they will be forced to listen.
Joe Crescenzi, Founder
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