Double atm fees?

[Ronstar]

I very seldom get cash at an atm, but I recently went to an atm not operated by my bank. Took out $200. My online checking register shows an atm withdrawal of $203 and an separate non (my bank) atm fee of $3.00.

Does this make sense? 2 separate fees totaling $6 for a single atm withdrawal at a bank branch that isn't my bank?

I tried to call my bank but I'm not going to sit on hold for 30 minutes. Just wondering if others are going through this.

 

[braumeister]

That's not uncommon. Your debit card has an ATM fee and the ATM you used has its own fee.

There is usually some disclaimer shown on the screen when you begin the transaction, so maybe you just missed it.

 

[Surewhitey]

And this is why I use a card/bank that reimburses atm fees. I don't use it often, but nice when I do... Even when we're in Mexico.

I hate ticky tac fees!

 

[2017ish]

Agree. Standard for most banks. Schwab and Fidelity both reimburse the point of service atm charge, and don't charge on the backend (even internationally). BoA does the same domestically if you have $x with them and/or meet some other criteria.

 

[euro]

6 bucks is a bit stiff, but not unheard of. As the number of cash transactions is dwindling, the fees have to go up in order to maintain the equipment, I suppose. I always thought this was one of the least fair fees the banks can impose. Especially because the fee is the same for a $20 withdrawal as it is for a $300 withdrawal. I used to nag on my kids for making $20 at a time withdrawals in order to “self-discipline” their spending. Somehow they didn’t realize that they were paying the bank a 20-25% cut just for withdrawing their own money……
The problem will solve itself - cash is nearly gone. Venmo, Zelle, PayPal, etc will take care of it sooner or later. Between me and my DW, we probably withdraw cash no more than once a year anymore. And, I would not be surprised if my kids don’t even have ATM cards at this point.

 

[Aerides]

Yup makes sense. Even moreso had it been one of those non-bank standalone ones you find inside some stores.

Banking fees have been up all over, everything most of us avoid by maintaining minimum balances, but ATM fees get everyone.

 

[Ronstar]

That's not uncommon. Your debit card has an ATM fee and the ATM you used has its own fee.

There is usually some disclaimer shown on the screen when you begin the transaction, so maybe you just missed it.

I remember the disclaimer, but I used to see the disclaimer at my former bank too and I never had any fees there. So I thought I'd just ignore it.

In any case, I've made my last atm withdrawal unless I have an emergency.

 

[OldShooter]

... Just wondering if others are going through this.

Nope. We're at Schwab.

 

[braumeister]

I use two different debit cards for ATM withdrawals and both of them cover all fees, foreign and domestic, for all transactions. One does it immediately, the other at the end of the month. So I'm safe in ignoring those notices. My advice is to simply look into it and get a no-fee debit card. The Schwab card is especially nice because it also gives a good conversion rate at overseas locations.

 

[Ronstar]

^Thanks - I'll look into Schwab

 

[Lakedog]

Only use my TD Ameritrade debit card for ATM cash since they reimburse all fees, unlike many banks/credit unions.

 

[OldShooter]

Only use my TD Ameritrade debit card for ATM cash since they reimburse all fees, unlike many banks/credit unions.

They will probably transition you into a Schwab checking account with the Schwab debit card, but you'll have the same deal. Schwab appears to be taking their time absorbing TD. Probably a good thing.

 

[Music Lover]

The problem will solve itself - cash is nearly gone. Venmo, Zelle, PayPal, etc will take care of it sooner or later. Between me and my DW, we probably withdraw cash no more than once a year anymore. And, I would not be surprised if my kids don’t even have ATM cards at this point.

Young people have been conditioned to be cashless and many of them think it's a good thing. Hopefully they don't find out the hard way that along with the convenience comes potential problems.

I can't remember the last time I used an ATM as I usually get my cash from my parents and some friends. I often buy stuff from Costco for them (on my card) and they pay me in cash so I usually have a good stash on hand.

 

[OldShooter]

...The problem will solve itself - cash is nearly gone. Venmo, Zelle, PayPal, etc will take care of it sooner or later. Between me and my DW, we probably withdraw cash no more than once a year anymore. And, I would not be surprised if my kids don’t even have ATM cards at this point.

It will be interesting to see. IIRC Sweden is heading this way. But by far our biggest use of cash is to pay for international travel. I always ask the local arranger if they'd like me to bring cash to pay whatever balance is due. This might be like $10K. They always welcome the option. How they handle it with the local tax authorities is none of my business.

 

[Bestwifeever]

We have used our brick and mortar local bank that is part of Wintrust, which has full service banks all over Chicagoland, forever. Their Total Access Checking account has no fees, no monthly minimum balance, open for $100. As they say, "Every ATM you see is FREE! We’ll refund any ATM fee nationwide." ATM fees are almost always automatically refunded regardless of what the ATM screen says, and if not, a phone call to the bank takes care of iit.

https://www.wintrust.com/solutions-and-services/community-banking/total-access-checking.html

 

[pacergal]

We only use ATMs from our bank, so no fees.
However, on the very rare occasion we need cash at a different locale, yes, 2 ATM fees, the ATM company and our bank.
Last time was about $5-6 total.

 

[Montecfo]

It makes no sense, no.

But that is how they do it.

I use my bank ATMs in those rare instances when I need cash.

 

[brett]

It makes complete sense to me.

Why would you expect a third party bank or otherwise to provide ATM services gratis for non customers?

Why would you bank pay those fees for you when they operate their own set of ATMS?

I expect to pay a fee when I use a third party ATM.

 

[OldShooter]

... Why would you bank pay those fees for you when they operate their own set of ATMS? ...

Actually, Schwab doesn't have any ATMs.

 

[braumeister]

It will be interesting to see. IIRC Sweden is heading this way.

From what I've read, Sweden will allow all merchants to refuse cash payments effective next March (2023). They want to be a completely cashless society after that.

 

[brett]

That is why they pay the fees.

Would you expect them to pay those fees if they operated their own network of ATMS?

 

[Sojourner]

^Thanks - I'll look into Schwab

Also, FWIW, Ally will reimburse any ATM fees incurred up to $10 per month, which is more than enough for typical, infrequent use. Schwab is definitely the gold standard, though, when it comes to ATM fee reimbursement, especially for international travel.

 

[HarveyS]

I'm currently in the Netherlands and about 1 in 10 shops is "card only". In some grocery stores there are check-out lanes for "card only". There is a check-out clerk, but payment is only accepted by card. I suppose this is one less cash drawer to account for.

Related, but different, in some smaller towns a US chip card may not be recognized by a chip reader in the Netherlands. As was explained to me, the merchant has to be signed up for a different (higher cost) card processing protocol to accept US cards. In large towns with lots of tourists, not a problem. Go for a bike ride in the country, stop for lunch at a local joint and your card may not work. In this case, cash is king.

 

[audreyh1]

I haven’t pulled cash out of an ATM in so long! The Costco Cash Rewards VISA pretty much loads us up for the year.

 

[audreyh1]

I'm currently in the Netherlands and about 1 in 10 shops is "card only". In some grocery stores there are check-out lanes for "card only". There is a check-out clerk, but payment is only accepted by card. I suppose this is one less cash drawer to account for.

Related, but different, in some smaller towns a US chip card may not be recognized by a chip reader in the Netherlands. As was explained to me, the merchant has to be signed up for a different (higher cost) card processing protocol to accept US cards. In large towns with lots of tourists, not a problem. Go for a bike ride in the country, stop for lunch at a local joint and your card may not work. In this case, cash is king.

My Netherlands experience is the same:

• Amsterdam pretty much cashless, although we leave the small restaurant tips in cash.
• far from Amsterdam and other major cities you need the cash, because without a Netherlands bank account you don’t have access to their low-expense credit/debit card network.