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Sick of paying those annoying ATM fees? Join the club.
If you had the option to decide between watching a short advertisement or ponying up for an ATM fee, what would you choose?
It’s a no-brainer for me. I get so frustrated when I have to pay money to get my money. It just doesn’t make a lot of sense.
Non-bank ATM fees were given the nod as the most frustrating bank fees, named by 38 percent of those polled. (Overdraft fees, which cost far more than the $2 or $3 charged by ATMs, came in second, with 27 percent.) In a previous survey, 77 percent of consumers said it is not OK for banks to charge ATM fees, and the majority of consumers said that a fair fee for using an ATM is … $0.
This is where FreeATM comes in. Here’s how it works, Time said:
In lieu of a fee for using an out-of-network ATM, customers will be shown a 15- to 20-second targeted ad on a screen, and then be able to use the machine fee-free. It doesn’t matter if your card is prepaid or a regular bank debit card; FreeATM won’t add a fee.
Although the ATM machine won’t charge you, it’s possible that your bank or the other service that issued the card may tack on a fee of its own.
The advertiser-funded FreeATMs were introduced in New York in 2011. Twenty additional FreeATMs will be added in 20 New York neighborhoods in mid-August. Then the machines will expand to other parts of the country.
This sounds like a great service for consumers. I look forward to hearing about the company’s expansion plans.
Keep in mind, there are a couple of easy ways to avoid those annoying ATM fees, including:
- Use ATMs in your network. Check with your bank to see if it will waive the fee if you utilize an out-of-network ATM.
- Get cash back at retailers that offer the option when you pay with your debit card.
Do you pay a lot of ATM fees? How often do you use the ATM? Share your thoughts below or on our Facebook page.