How to Avoid ATM Fees

Have you ever thought about how charging ATM fees is just like stealing your own hard earned money? How can banks get away with this?
Paying money to use your own money does not seem right. When you put your money in the bank, the bank usually invests the money and in order to make a good profit off of the interest it earns. Why do they need to nickel and dime you for "letting" you use your own money?

Most ATMs fees are usually around $2 to $4, unless the ATM belongs to the bank that you have your checking account with. Let's pretend that you draw cash from an ATM once a week. This could end up costing you $104 to $208 for the year! You may be thinking, "That's only a couple hundred dollars in the span of a whole year, it's not a big deal". Sure, but when you put that amount into perspective, it becomes much more significant.

For example, $208 could help provide for a child's nourishment for over six months with an organization like World Vision. Or, as another example, if you invest $208 into a mutual fund that grows at a rate of 7% for thirty years (minus taxes and inflation) it could be worth around $8,686. That's a significant amount of money for such a small act.

Financial stability start with conquering the little things in life. Do not let the little fees get the best of you. These fees add up and add up fast.

There are several ways to avoid the ATM fees.

First of all, you should make it a point to plan ahead by only going to your own bank's ATMs. This will take care of the fees. Then, be sure to withdraw more than you think you will need each time use the machine, that way you will not have to make an "emergency" stop at another bank's ATM and pay a fee. To be motivated to plan ahead look at it this way: Any time you have to pay a fee, it's because you got lazy. Nobody wants to be considered lazy, and nobody else really wants to hang out with lazy people.

An easier way to avoid ATM fees is to open an online checking account that does not charge them, such as ING Direct or Bank of Internet. These banks will often reimburse you the $2 to $4 ATM charge. You will have to pay the fee when making the transaction, but it will be given back to you later on. Be sure to check for these details when opening an account.

Avoiding fees and saving money in the little expenses life throws your way takes a little discipline, but it is really not very difficult once you have a game plan and develop good habits. Simply resolve not to get cash for yourself unless it's free. After all, it's your cash. Why pay to get it?