Do you know that certain banks charge a person close to Rs. 9 just for checking his/ her balance or for getting a mini-statement? If this is what a bank charges for a non-financial transaction you can imagine what they will charge for a financial transaction. Here are some tips to avoid ATM fees.
Choose your bank wisely: You should take an effort to find a financial institution that does not charge a hefty fee every time you use an out-of network bank or when you exceed the limit for the number of withdrawals performed in a month. A bank with a wider reach of ATMs should be given more preference that one without one.
Analyze your money spending methods: This is something that varies from person to person. You should try and live your life systematically in order to get more clarity on your money spending habits. Going to the ATM on a weekly basis and withdrawing money whilst keeping in mind your programme for the entire week will help in fewer withdrawals, consequently reducing your ATM fees.
Start writing cheques: This is quite self explanatory, but this method can only be used for transactions involving a large sum of money.
Use cards more: The amount deducted by the bank for an online transaction or usage at a domestic merchant store is far less than the amount deducted while withdrawing money at an ATM after the limit for the number of transactions is crossed.
Use alternate channels: Register for net banking or download your bank’s mobile banking app and enjoy a whole range of financial and non-financial transactions at your fingertips
