ATM Fees: How to Save the Bank Money and Pay for It

Use an ATM in the U.S. and it might cost you. If the ATM is out of network for your card the ATM owning bank and your own bank will probably charge you. Between entering your pin code and retrieving your money you'll lose a couple of dollars, maybe even five. The whole thing is called convenience fee. You are paying for not walking into a bank, taking up a teller's time, and costing the bank money.

Use any ATM in Austria with any Austrian debit card (i.e. a maestro card) and the transaction is free.

Why the difference? Are Austrian banks not business savvy?

Comments

Lorraine Seal said…

Here in Austria, I still feel that twinge of doubt, a frisson of profligacy, when I use an ATM -- a Bankomat -- that's not attached to our bank. But -- magic! -- no fees for using the wrong ATM. It's great to simply use the nearest one without worrying.

One more reason to like living here.

November 26, 2010 at 5:36 AM

debi said…

I don't use ATMs at all. There is no way I will pay a bank for the privilege of accessing my own money.

My money resides in a credit union. As long as I don't break any rules, there are no fees and they pay me - even though it is just a pittance.

November 27, 2010 at 1:57 PM

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