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!
