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A bank with free ATM service is a convenience that can save the savvy consumer hundreds of dollars annually.
Why Bank With Free ATM Service?
Every time you use an ATM from a bank without free ATM service, you're charged $1 to $3. If you use the bank without free ATM service 100 times in a year, you've lost $100 to $300.
Benefit 1 - Saving Money
In the above example, you saved $100 to $300 in a year. You can also save money by:
- Avoid the secondary fee (an additional $1 to $3) one's own bank may charge for not using the bank's ATMs
- Get cash back after using the ATM card for purchases and bypassing fees
Benefit 2 - Knowing Where to Go
Even if you're a customer of a bank with free ATM service, you can still be charged fees. To make sure you continue to bank with free ATM service:
- Ask your bank for a list of proprietary ATMs (ATMs the bank owns)
- Plan ahead and make the time to visit the proprietary ATMs
- Avoid impulse purchases, if the ATM is non-propriety or national, you will be charged a fee.
Benefit 3 - Confidence in One's Bank
Banks with free ATM service likely offer other great services, too. Some places to look for free ATM service include:
- Banks (but as many as 10% are banks without free ATM service)
- Credit unions, which are mostly not-for-profit
