Have you used a commercial bank's ATM lately? If you have, you've probably seen the fee that you are charged to withdraw your money increase to an average of $3.00 per transaction. And that doesn't take into account the fee your "other" bank will charge you for not using one of their ATM's instead. This means withdrawing $20.00 could cost you $5.00 or more in fees each time you use an ATM..
Recent headlines show that this trend is not stopping any time soon. In fact, Chase bank is testing consumer response to plans to raise the fee a non-customer pays for using a Chase ATM to $5.00 in Illinois and $4.00 in Texas. And they're not the only ones raising fees. TD Bank has recently begun charging $2.00 for a "foreign" ATM customer when it previously charged nothing, and Citi raised fees from $1.50 to $2.00.
What's a smart consumer to do? Look for alternatives. Instead of sticking with the "big banks" consumers should check out credit unions, according to Consumer Action spokesman Joe Ridout. Ridout says "no one is forcing the banks to charge higher ATM fees, and consumers have other choices if they don't want to pay them"*.
At NEFCU, we are always looking to provide our members with the best value possible. Through our partnership with Allpoint, we have an extensive network of surcharge free ATM's; and with over 40,000 surcharge free ATM's worldwide, you're sure to find one near you. You can use our website to locate a convenient Allpoint ATM. Plus, if you're a GO Green account holder, we'll refund you $15.00 towards any foreign ATM fees you may have been charged.
*Read the entire article on CNBC
Print out generated 03/10/14, 3:00:23 AM, from the NEFCU web site at https://www.mynefcu.org/news.cfm.