There are times when you are unable to go to the bank to withdraw cash. This may be due to an emergency or because the bank is far from your home.
So, going to the ATM is the only choice you have to withdraw cash. ATMs are a boon for humankind, and with the fast-paced lives in metropolitan, they are quite advantageous whenever you need cash.
However, the only drawback is that ATMs can only dispense certain types of bills. While it is easy to find ATMs dispensing $20 bills, when you have to withdraw a smaller amount, you would have trouble.
You might need to withdraw smaller amounts because of your need or constraints in your account balance. So, you must know where you can withdraw $5, $1, $50, and $100 from ATMs in times of emergency. Amongst all the top national banks, Chase, PNC, Bank of America, and the Fifth Third are some of the few banks that let you withdraw below $20. Unless the ATM has not run out of cash, you might also be able to withdraw one-dollar bills.
But, withdrawing money from the ATM is not always for free. There are different types of charges that your bank might levy depending upon the kind of account you have with the bank.
You must know the ways to avoid ATM fees to save money. While the charges are quite less and affordable, regularly withdrawing money may lead to charges adding up. Here are different ways to avoid ATM fees and save money while withdrawing:
- Use your bank’s dedicated ATM
Most banks will deduct a small fee from your account if you are withdrawing money from another bank’s ATM. So, you must always try to find your bank’s ATM, or else they will charge a fee if you debit from any other bank.
If you regularly debit money, you must familiarize yourself with where your bank’s branches are located. This will help you save a lot of money over time as you will not be paying a fee every time you take out your own money.
- Check the withdrawal limit
Your withdrawal limit may vary depending on the type of account you have with the bank, and it might be capped daily, weekly, or monthly. So, you must check it out on your bank’s website or use the app to determine the withdrawal limit.
Once you cross the daily, weekly, or monthly withdrawal limit, the bank will charge you a fee even if you use the bank’s ATM to debit.
To not cross the limit, you must keep track of all the withdrawals.
- Use your debit card
If you do not want to withdraw $5, $1, $50, and $100 from ATMs for your everyday expenses, then it is a viable option to use your debit card regularly to cover the expenses.
Usually, there is no limit on how many times you can swipe your card on various kiosks, so you prefer using debit cards wherever possible.
In addition, if some stores or places accept cash, you must calculate your expected expenses and debit that much in one go to avoid charges.
- Do not withdraw from credit cards
Many credit cards can also be used in ATMs to debit money, but the banks charge an exorbitant fee on credit card withdrawals. Unless it’s very urgent, you must not use a credit card to withdraw cash.
So, these are tips you can follow to avoid paying exuberant ATM fees and save money in the long run.