Those darn ATM fees will get you in the long run.
Say you can?t find your bank?s automated teller machine and you?re forced to make a withdrawal from another company?s machine. With the average ATM surcharge at about $1.64 and your bank charging about $1.25, that?s almost $3 for using another bank?s ATM, according to Bankrate.com.
Two of those “foreign ATM withdrawals” per week for a year is $300 down the drain.
Relief appears to be on the way, however, as area banks are making changes to trim the cost of an ATM visit, said Alison Tavik, communications director for the Maryland Bankers Association.
“We are seeing a movement in Maryland banks to offer fee-free ATMs to their customers,” Tavik said. “Banks are very conscious of what their customers want.”
People are constantly on the go, whether they?re on business or vacation, and the need to use whatever ATM is available has dramatically increased, Tavik said. Banks are realizing the need to help their customers out.
“Statistics show that people stay with their bank for a long time, so the bank is working to retain those customers by helping with ATM charges,” Tavik said.
M&T Bank operates 1,600 ATMs throughout its service areas in Maryland and the mid-Atlantic states.
If an M&T Bank customer makes a withdrawal from a non-M&T Bank ATM, the customer must pay a $2 fee. If a non-M&T Bank customer uses one of the bank?s machines, that person must pay a $2 surcharge, said Phil Hosmer, vice president of communications for M&T Bank.
However, the bank earlier this year began offering no-fee ATMs to anyone. The company now has 400 of these positioned in Sheetz and Rutter?s convenience stores.
“It?s a great marketing tool for M&T Bank, and it increases foot traffic for those stores,” Hosmer said. “We?ve had an outstanding response from everyone.”
For the most part, however, people continue to pay the fees, and the money adds up, said Greg McBride, senior financial analyst for Bankrate.com.
Last year?s survey of the largest banks in the nation?s 25 largest markets revealed consumers paid about $4.2 billion in ATM fees in 2006.
“The ATM surcharge continues to increase in both magnitude and presence,” McBride said.
“Be proactive with your ATM use and plan ahead,” he added. “Saturday night comes at the same time every week.”
