How much does it cost to withdraw money from an ATM? Well, depending on your bank and the ATM, it could end up costing you significantly more than you might think. If the ATM charges a convenience fee of $3.00, the total cost of removing a $20.00 bill would be $3.00 right? Well, the answer might not be so clear cut and here is why. While the ATM may charge you an upfront fee, your bank may also charge a fee also. These fees can range from $2-$4 per transaction and are on top of the local ATM fee that you may be charged. Now that $20 bill that you have just withdrawn has cost you $7. Also, if those ATM Fees exceed the amount in your bank account, you could face overdraft fees of $26-$35!
Fee Breakdown -
ATM Fee: $3
Bank ATM Fee: $2-4
Possible Overdraft $26-35
The total cost of withdrawing $20 from an ATM could be as much as $42!
To avoid these fees, use an ATM that is branded with your bank. For example, if you are an ABC Bank customer, try to use an ABC Bank ATM to withdraw money.