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An ATM bank is a convenient way to access your money practically anywhere at anytime, even when your bank is nowhere in sight and has long since closed for the day. Unfortunately, this convenience makes ATM mistakes all too common. However, avoid mistakes and you can truly take advantage of the ATM.
Thinking of the ATM as "Magic Money"
This may seem like an obvious one, but you'd be surprised to learn how many people fail to equate the money that flows freely from the ATM with the money for which they worked long and hard. If you have no cash on you and want a snack, you withdraw $20 from the ATM. Then you do it again the next time your stomach growls. And again a few days later. Pretty soon, you've withdrawn $60 in the space of a few days without thinking about it.
Not Keeping Careful Track of ATM Transactions
If you're withdrawing cash from the ATM bank willy-nilly, you're not keeping close track of your transactions. Otherwise, you may think twice before taking out another $20 because you're in the mood for a small fries. This inattentiveness also means that you won't notice any machine errors. It's quite possible for a transaction to accidentally be posted twice and your withdrawal of $20 actually deducts $40 from your account. Print a receipt for each transaction and make sure the math checks out.
Not Paying Attention to ATM Bank Transaction Fees
ATMs seem so convenient. You can get a quick $20 from the mall, the cinema, the gas station, the grocery store, the rest stop-and rarely set foot in your actual bank. But if you don't know where the no-fee ATM machines are, each and every ATM bank withdrawal you make takes an additional $1-3 out of your account. It may not seem like much in a true cash emergency, but it adds up quickly over time if you withdraw frequently.
The ATM bank can truly be a convenient and positive experience if you use it correctly. Some of the ways to use the ATM bank effectively include:
- Avoiding ATM bank deposits - Although depositing money at an ATM bank doesn't constitute a huge ATM mistake, you're much more likely to encounter an account error if you deposit cash into an ATM machine. Plus, it can be much more of a headache to prove there was an error, as you have to track down the bank that operates that ATM and no one witnessed you make the transaction. Just make the extra effort and visit your bank for deposits.
- Finding the no-fee ATM bank locations - ATM bank fees seem ridiculous to the consumer if you think about it. Would you consent to pay $1-3 to make a transaction in a bank? Why would you consent to pay to make a transaction outside of the bank? Luckily, no-fee ATMs take away this worry. Also, ask your own bank for a list of ATM locations operated by your bank and by other banks within its network; while others are charged to use those ATMs, you, a customer, will not be.
- Planning ahead - The biggest and most frequent ATM bank mistakes result from people making those impromptu withdrawals and not planning ahead. If you know you're out of cash, make the time necessary to swing by a no-fee (or no-fee as a customer) ATM bank machine before you get to your destination.
