MoneyWisdom Blog

What are ATM fees and how do they work?

Posted by Bill Burpeau on Apr 11, 2012 3:35:00 PM

ATM Fees Why would anyone want to pay an ATM fee?  Yet last year more than 7.1 billion dollars were spent on ATM fees across the United States. 

What are those fees and how do they work? There are two sources of ATM fees. 

The first is a surcharge or convenience fee.  It is charged by the owner of the ATM itself.  These fees appear on the ATM screen.  You must enter YES to agree to it.  It is withdrawn from your account along with your cash and shows up on the receipt. Many financial institutions reimburse their customers for these fees.  Because we are member owned, we have a different philosophy - one that doesn't reward the bad behavior of charging surcharge fees. When Hanscom FCU members access their account from an ATM in our network, they never pay a surcharge.

The second source of ATM fees is a foreign fee that is charged by the issuer of your ATM card. This charge will appear on your monthly statement. 

When you use an Hanscom FCU ATM and Check card, you get 10 free transactions per statement period with our Free Checking account, after which, the fee is $1.00 per transaction. With a Premier Checking account, you never pay a foreign fee.

Hanscom FCU has built the largest network of surcharge free ATMs that we know of - over 100,000 ATMs across the country and around the world.  

Find an ATM near your home, work, or travel destination.

 

Topics: Personal Finance

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