How to avoid atm fees and surcharges

ATMs that charge outrageous fees seem to be everywhere these days and the ATM fees just keep getting higher and higher. Bankrate.com recently listed the average ATM fee as $2.91 US, not just pocket change for most people. ATM fees are one of the biggest profit makers for banks and the placement of ATMS in places ranging from bars and restaurants to supermarkets and convenience stores makes it seem easy to access your hard earned cash.

Of course accessing that hard earned cash of yours at an ATM located at any place other then your home bank (or with your bank's logo on it) often leaves you a few dollars poorer after getting your cash. But there are multiple ways to avoid ATM fees and hold on to every penny of your money. If you don't think those 'little' fees don't add up think again; because not only do most banks that own ATMs charge non-customers the fee, the customer's bank often charges a fee for not using an ATM in their network.

That said, read on to find ways to get your cash with no fees attached and keep more of your money.

Take out all the cash you'll need for the week at your bank- This option is a sure way to avoid ATM fees but only works if you have a set budget and can ensure the money will last the week of cash only purchases and expenses. If you spend cash on hand quicker you'll want to avoid this option, and if you fear a risk of losing or having the cash stolen; avoid this option.

Do cash back during purchases- Most banks issue debit cards linked to their customer's checking accounts. When making a purchase at a place such as a pharmacy or supermarket, many locations offer cash back options. Simply swipe your debit card as debit and enter your PIN number. Most places limit the cash back amount to 35-50 dollars per transaction, but there are generally no fees associated with this; so you can get cash along with your purchases. Always see if this option is available before using the ATM in the store; often fees are higher at ATMs where free cash back is available.

Read your fine print- More and more banks are making deals with ATM networks (the providers of the ATMs and often the actual network that transactions run on) so that their customers avoid fees or get reimbursed for fees from ATMs. You can generally find out the specific details of any fee waiver program or fee reimbursement program by reading the terms of use for your bank account or by simply asking customer service. Keep in mind that not all banks offer this and some that due require a minimum balance or minimum transaction amount.

Always keep some cash in your wallet or purse- Similar to the first suggestion, the idea here is that you'll always have some cash on hand for those times when you'll need it. Also if you know you'll be going to a place where you'll need to use cash and not credit/debit; plan ahead and get the money from your bank's ATM or cash back from a debit purchase beforehand.

With some minimal planning you can avoid ATM fees altogether. If you can pay with credit or debit for a purchase, make that an option if the only ATM you can access has a fee or your bank charges a fee for it. Do cash back with debit purchases when you know you'll need some cash later or go to your bank's ATM or a fee free ATM in advance. ATM fees seem small at first but they can really add up over time and besides, it's your money anyways, why pay someone for access to it in the first place?