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Entries in Cash Withdrawals (2)

Thursday
Mar312011

Customers Could See Increases in Their Bank's Fees

Goodshoot/Thinkstock(NEW YORK) -- If they are forced to charge retailers less money for handling debit cards, banks may end up losing billions of dollars in fees and look elsewhere to make up for the lost revenue.  This could result in higher bank fees for customers.

Greg McBride of Bankrate.com advises customers to watch out for any changes in their monthly statements.

"If there's a little insert in there that's an updated fee schedule, read it very closely.  What that means is something on there has changed," he says.

Some fees for cash withdrawals are also going up.

"Avoiding ATM fees requires planning ahead.  Limit your withdrawals to your bank's ATMs," McBride says.

If you're unhappy with your bank and its fees, there are thousands of banks and credit unions to choose from.

"There's plenty of choice and there's plenty of better offers out there you just have to be willing to search around to find the institution that's giving the best value for your money," McBride adds.

Copyright 2011 ABC News Radio

Wednesday
Mar092011

Overlooked ATM Fees for Cash Withdrawals Can Be Costly

Stockbyte/Thinkstock(NEW YORK) -- Are you spending money on things you really don't need?  It's easy to ignore small weekly charges, and ATM fees for cash withdrawals are just one of many examples.

Most consumers make several cash withdrawals a month, and to many, ATM fees don't seem that expensive.

"Maybe its a $1.50 here, $2 there, both by the ATM that you're using and by your home bank that might add up to $3 or $4 a transaction," says Robert Long of Kiplinger.com.

But Long says that cost can grow over time, and "can quickly add up to $10, $20 over the course of a month and then ultimately hundreds of dollars over the course of a year."

One solution: switching banks.

Long, who recently switched banks with his wife, says their new "local bank covers those costs," and that they "don't pay a dime on any of our ATM withdrawals" or withdrawals from other banks.

Copyright 2011 ABC News Radio







ABC News Radio