Big Banks Gouge ATM Users with $5 Fees

Don’t submit yourself to ATM Fees. Your credit union does not charge ATM surcharge fees and offers 28,000 free ATMs nationwide. You may have to go a block out of your way, but you’ll save loads of cash.

So, why would anyone pay a fee to get their own money?

Right now ATM fees average $2.70 per transaction. When you use any ATM other than the one owned by your credit union (or bank if that’s where you money sadly sits) you get a double-ding—the financial institution that owns the ATM fees you and your financial institution fees you. 

But now banks are crying that they can’t meet expenses because other fee sources (credit and debit card) have been restrained, so they are raising ATM fees.  Non-customers (those who don’t bank with them) could pay as much as $5 per transaction. 

That’s like taking out a ridiculously high-rate loan. Even if you take out $100 from the ATM, the $10 fee is outrageous ($5 from the ATM, $5 from your financial institution).

It’s been mentioned that the banks are raising ATM fees as a backlash against new federal regulations that have squashed their credit card and debit  card revenue,  but really the only loser is the consumer.  

Credit unions are not-for-profit therefore, they are not out to create new ways to generate fee income. Don’t let yourself, friends or family be duped into support big banking pocketbooks. And, don’t submit to paying anyone to get your own money.

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