Cost of convenience - UPDATE

On 25 July last year I wrote about the cost to me of convenience ie. using the nearest ATM rather than seeking out my brand.

I'm not sure what it's like in the States but in Australia, you're able to use your bank's ATMs as many times as you'd like for free but, should you use a competitor's, both the competitor ATM will charge you as well as your bank. Over 12 months it cost me $108.50 (an average of $9 per month). So, I changed banks to one with an account that allows me to visit other banks' ATMs. On my statement I get this cool message:

NAB ATM W/D TRAN FOR $20.00 NAB ATM OPERATOR FEE OF $1.50 PAID BY B/WEST

Having changed banks but not my behaviour I thought now was a good time to assess the impact...

I have easy access to my bank records from 6 October until 30 January, which seems as good a period as any to review...

I have used an ATM 23 times since 6 Oct.
Of those visits, 13 have been to my bank so I wouldn't expect a charge.
Based on an average of $2 per charge for visiting an alien ATM this could have been $20 worth of charges.
My bank accounts show convenience has cost me $9 (or $3 per month)
(I'll admit that most of these charges were incurred at pubs where they have those high-cost, but very convenient, any brand ATMs).

That's a saving of $11 (or $3.60 per month!)

Over 12 months, I can then expect to save $43.20. And, now that I don't generally need as much money at the pub because soft drink is sooo much cheaper, I probably won't need to withdraw more money!

Go me!