ATM use can be costly if you aren’t careful. Before using an ATM, I would recommend first finding out how much the fees are going to be. Check with your financial institution (FI) to determine what fees they will charge you. Keep in mind that even if your FI doesn’t charge you, if you use another bank’s ATM the other bank will charge you! If you discover that you are being charged for ATM withdrawals, either make one large withdrawal instead of several smaller ones, or consider using your debit card or credit card instead of using cash to make purchases. You can also ask for cash back at local grocery stores and other retail stores. ATMs certainly are convenient, but make sure that you are not paying excessive fees when using them. Here are two questions to ask your FI:
1. Am I charged any fees if I use your ATM machines?
– for cash withdrawals?
-for transferring funds?
-for balance inquiries?
2. Do you charge me fees if I use another FI’s ATM machines? If so, how much?
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