Few things burn me more than being charged an ATM fee for withdrawing my own money so I developed a system that enables me to avoid ATM fees altogether heres how I do it.
When considering a new bank or credit union, look for one that doesnt charge ATM fees. If they do charge fees be sure they have a system in place that allows you to avoid being charged the fees such as belonging to a nationwide ATM network.
Betsy and I use ING Direct for our main checking and savings accounts and have been able to completely avoid ATM fees. ING Direct is a member of the All-Point Network of ATMs giving us access to our cash at any Target store nationwide, along with many other locations in every part of the country. If we need to hit up an ATM we can always find something close.
If youre interested in ING Direct, you can read more about their checking accounts here and more about their savings accounts here or you can read my ING Direct review.
Update: Shortly after publishing this article Ally Bank contacted me to let me know that they reimburse all ATM fees our customers incur in the United States, including those charged by other banks! If youre interested you can read more about Ally Banks Fee-free interest checking here and more about their savings accounts here. I also endorse them and have noticed theyve really stepped up their focus on customers over the last few years.
If you are not looking for a new bank then you can employ the final two tactics to avoid or greatly lessen your ATM fees.
Back in November of 2009 Betsy and I attended Dave Ramseys 13 week Financial Peace University course at our local church which inspired us to adopt a cash envelope system for several specific budget categories. For our situation we decided using cash would work best for:
These categories may not be best for everyone so be sure to figure out what works best for you.
We each carry our own cash and manage it in a way that works best for us. Betsy carries and uses the Dave Ramsey cash envelope organizer that came with our FPU kit, while I stick to a much simpler system of keeping a wad of cash in my wallet and journalling each transaction to keep track of each category.
I only recommend keeping all your cash together if you journal the spending; otherwise you can easily spend much more in a certain category than allotted. If youre not going to journal the activity its best to keep the cash separate for each category.
To avoid fees, simply withdraw your cash envelope money once each month rather than hitting up an ATM every time you need money.
Here is a detailed breakdown of how much Betsy and I use for each category:
If you do the math youll see that we need $760 total, so at the beginning of the month Betsy and I head over to Target and withdraw the entire amount. You may have noticed that she carries a bit more in several of the categories than I do; thats because were usually together and it works out best for us. I carry my own grocery money for when I have to run to the store by myself to pick up a few odds and ends.
Its also worth noting that ING Direct has a $1,000 daily ATM withdrawal limit; keep that in mind if you use or plan to use ING. Otherwise be sure your cash envelope amount fits within the daily ATM withdrawal limit of your bank. If the amount needed exceeds the daily limit simply go to the ATM twice each month, once in the beginning of the month and once in the middle.
John Garcia May - 26 - 2011
Now that your child has their driver’s license it’s only a matter of time before they’ll be asking to borrow the car. The last thing you want to be concerned about is whether or not your car insurance policy will properly cover them, and at a reasonable rate. Getting the right coverage isn’t difficult. It’s just a matter of shopping around and asking the right questions. Here are a few tips on getting car insurance for teenage drivers.
Prepare Your Teenage Driver
The first thing you want to do is make sure your child will be a responsible driver. Simply taking a driver’s training course isn’t enough. You should begin teaching them the rules of the road and proper driving techniques as early as possible. Let them know the importance of having adequate insurance, and how the system works. Try and make
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John Garcia May - 22 - 2011
If Walmart customers find a lower price advertised elsewhere, Walmart says it will match that price at the register without requiring a copy of the competitors advertised price as proof.
Walmart reported that store managers are regularly checking competitor prices, so that they can streamline the price-matching process at the time of checkout.
Walmarts advertisements for its “ad match” program are part of an overall strategy as the big box store tries to come back from a relatively recent sales slump. Last month, Walmdart announced it was bringing back products that were cut from store lineups.
In an interview with CNNMoney, Walmarts chief merchandising officer, Duncan Mac Naughton, said “What our customers are telling us is that they want the right products in a one-stop shop at the lowest prices. We’re trying to reestablish that message.”
Do you shop at Walmart?
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Marie Conklin May - 21 - 2011
Foreclosure is as much an emotional process as it is a financial one. If you’re heading down the path to foreclosure, one of the people you want on your side is a foreclosure counselor. Working with a team of foreclosure specialists that includes a foreclosure counselor helps to take the emotion out of the process to help you make sound financial decisions as you move through it. Learn what a foreclosure counselor does and does not do to help you during this tough time:
What is a foreclosure counselor?
A foreclosure counselor is a professional that is approved by the U.S. Department of Housing and Urban Development (HUD). The counselor reviews your current financial situation, so he or she can then present programs to potentially stop the foreclosure. These programs are generally through your existing lender or government agencies that are helping homeowners avoid foreclosure. T
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Gerald Conrad May - 20 - 2011
Stock exchange traded funds closed lower for the third straight week as Bank of America and Citigroup weighed in the financial sector.
This week, investors will be looking for economic reports on new home sales, durable goods orders and pending home sales.
ETFs tracking the financial sector shed more than 1% on Friday on lingering weakness in shares of top holdings Citigroup and Bank of America . Financial Select Sector SPDR Fund was on track for a weekly advance heading into the session but Friday’s drop erased the gains. Citi and B. of A. were both down about 1%, while the financial ETF slipped 1.2%. Investors are worried about banks’ exposure to mortgage-backed securities following reports this week that Goldman Sachs was bracing for subpoenas from U.S. pro
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Marie Conklin May - 17 - 2011
Most homeowners can see the value in hiring a handyman to help them with projects around the house but at the same time they can also see the large number ofplaints filed by unhappy homeowners all over the Internet. The fact of the matter is that hiring a good handyman will free up a lot of your time and help reduce your stress if you donât particularly enjoy chores around your home. Read on to discover five steps to help you find and hire a good handyman that you are guaranteed to be happy with:
Create a List of All the Work You Want Done
One of the first things you want to do when looking for a good handyman is create a list of all the projects around the house you need help with. Itâs a good idea toe up with this list so you can determine what kind of help youâll need. Unfortunately, a handyman may not be able to help you out with all of the projects around the house. For inst
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John Garcia May - 16 - 2011
I have been preaching the enormous benefit of an emergency fund for the better part of two years now. I started a very small one when I was in college, and with the exception of when we purchased our car, it has been steadily growing for a couple of years. There’s an amazing sense of safety and peace that I get whenever things get a little tight, just because I know that the emergency fund is there to cover me. As I’ve always said, things come up, and when they do, it is far better to use cash that you’ve saved rather than dip into your credit line to pay for life’s unexpected emergencies.
So it came to pass that our wonderful landlords sold their house, and the new owners don’t want tenants. Gah! We absolutely love the place that we have, and are devastated that we are going to have to leave it. Adding to
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