Each week Sum Bookkeeper will feature an articles from around the Net that provides some great insights into how you can better your finances, better your books or generally better your business. This week we bring over a simple, but effective, savings article from Eric Rosenberg over at Narrow Bridge Finance.
Eric writes about ATM planning and how you can save yourself on those nasty fees. We have all incurred some at one point or another and at years end when you are going over the books, ATM fees can be a mess to track and add up. The solution? ATM planning.
“Do you really want to just give away your hard-earned money for convenience? I sure don’t. Most banks charge a fee to use their ATMs if you are not a customer, and your bank most likely charges a fee to use an out-of-network ATM.
Most banks charge at least $2-$4 to use their ATM, and most banks charge their customers about $2 to use other bank’s ATMs. In total, that is about $4 per ATM use. If you do a “quick cash” for $40, that is a $4 fee on $40, or 10%!
According to Statistic Brain, the average customer uses an ATM 7.4 times per month. Using out-of-network ATMs each time will cost you about $28 per month or $336 per year.”
For more, you can read Eric’s full article here: How to Avoid ATM Fees