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ATM Fees: How Much Are You Paying?
Twin Falls, Idaho ( KMVT-TV / KTWT-TV ) Using ATM machines outside of your bank's network is getting increasingly more expensive. That’s because ATM fees are on the rise.
Sometimes when you're on vacation, you end up needing some quick cash from an automated teller machine. But, if the ATM you find "isn't" part of your own bank's network, you'll pay more in the end.
Ray Parrish with D.L. Evans Bank says, “Many of the banks here in the valley reciprocate with that. If you're a Money Pass member, then there's no fee to use our ATM. If you're not, then there will be a $3 fee on the ATM transaction.”
What's the most important part of this scenario? Read the fine print on the ATM. That will spell out everything you need to know when it comes to using that particular machine.
Parrish says, “They need to look on there to see all the restrictions. It'll say what's available, whether you can use MasterCard or Cirrus or Money Pass. It will state plainly on every ATM in the valley what the charge is.”
Nationwide, some banks are increasing their non-customer ATM fees.
That average amount went up 20 percent in the five year period ending last year. In some cases, those charges add up to $5, but not locally.
“I think most of the banks have already made their changes if they're going to make them. We made a slight upgrade from $2.50 to $3.00 at the end of last year. So most of the changes that are going to be made have been made already.”
If there's going to be an extra charge on your ATM withdrawal, you'll see a message to that effect on the screen.
Apr. 17, 2013.