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Oops!

March 14th, 2013 at 05:03 am

Wow! We had a financial oops this week. One I would not have expected. Ever.

I looked at our checking account on Tuesday morning only to notice a $10 ATM Service Fee. This was listed between the ATM rebates of $15 and an interest deposit of $0.03. I knew what those two were about, as our bank, USAA, refunds ATM fees we incur each month up to $15. This month we maxed out. I checked with my husband. He didn't know anything about a $10 charge. So, I quickly wrote an email to the bank.

Eventually, I realized by looking around on the bank's website, that we only get 10 free ATM withdrawals per month. We had 15 last month! The bank charges $2 for each withdrawal over 10, thus we were charged $2 for five of those.

My husband and I are both to blame. I blame him because he feels the need to spend money at the convenience store every day. He chooses cash so I don't have to record a debit card transaction everyday. For that part, I'm thankful. He also took cash out of our bank account twice for his spending money while on a work trip. This will be reimbursed. I blame myself because I've begun taking out cash for my daughter's flute lessons twice a month, and made two separate withdrawals in order to get the correct cash needed to pay my girls allowance. Yes, I found an ATM that dispenses $5 bills! It is just crazy to think we made 15 withdrawals in one month! That is technically a withdrawal every other day.

Guess how many withdrawals we have made since we found this out on Tuesday morning. Two! One each. I took out $60 for my lunch date and two flute lessons. He took out $20. For spending. I'm not sure why not $40 considering we just had a conversation about the ATM service fee we incurred. I sure hope we can do better with our cash withdrawals this next month.

Do you pay ATM fees? How much per month? How do you avoid them?

Over at Our Money Blog, I'm explaining three options for starting your retirement savings.

18 Responses to “Oops!”

  1. CB in the City Says:

    I use ATM's fairly infrequently, and I always use the one where I bank, so I've never been charged a fee. I should look into whether I have a limit, though!

  2. Beawealthywarrior Says:

    I use the USAA ATM locator that shows which one doesn't charge a fee. It just so happens to be a Walgreens seconds from my house.

  3. North Georgia Gal Says:

    I hardly ever use the atm for anything other than deposits. But if I do need cash I go to my bank.

  4. rachel021406 Says:

    I use the ATM at Racetrac gas stations. They only charge $1.50 and my bank does not charge me for withdrawls from ATMs. And if I can, I try to make one purchase on the debit card and get cash back for my jar money. That way I don't pay a fee at all.

  5. MonkeyMama Says:

    We don't use the ATM. (& if we did, we use a credit union and all ATM withdrawals are free at most any CU - there is one right by my home and a drive-thru one by my office). WE pay everyone by either credit card or online bill pay. In the past we might have replenished our cash a few times per year, but these days it is easier to be 100% cash-less.

  6. MonkeyMama Says:

    P.S. Why not just go monthly or weekly to the ATM for what you need? To me that seems wasteful on gas and time, etc. Do you really want to go to the ATM 15 times a month? 10 times? Big Grin

  7. ceejay74 Says:

    In my family, one of us goes once a week (Friday) to withdraw spending money for everyone and we divide it up that night at home.

    Could be a sneaky fee they added on in recent years. I wonder if my bank now has a limit ... definitely used to be free, because I used to take money out all the time and never got charged!

  8. creditcardfree Says:

    I am aware of which ATMs do not charge fees, but I'm not sure my husband is! We live and work in a more rural part of town, so there are not as many ATM's around.

    I do agree we should have a plan to go to the ATM on a more regular interval, rather than just when my husband feels the need. Starting tomorrow, payday, we will take out all the cash we need until the end of the month.

    I personally don't go out to just get cash. I always combine it with another errand.

  9. Petunia 100 Says:

    I withdraw my cash allowance twice per month, on payday. I am at the ATM to deposit my paycheck anyway, so no extra trips required. Smile

  10. LuckyRobin Says:

    I haven't used an ATM since 1995. With my CU I just go to the drive-thru once a week (it's near my daughter's school) and take out our cash needs for the week. I still use checks for things like groceries, because I prefer to have a written record right there instead of a debit transaction that gets lost in the shuffle somewhere.

  11. Wino Says:

    You cannot avoid ATM's in Dubai, and all of them - even those belonging to my bank - charge a fee. I tend to use my debit card for transactions and carry a ton of cash for the places that don't take debit cards. There are very few places here in Dubai that don't take debit cards, but these places do exist. I truly hate paying to use my own money.

  12. FrugalTexan75 Says:

    I rarely use an ATM, and then it usually is only because I have cash to deposit.

  13. PNW Mom Says:

    I use the ATM and so does hubby, but our bank (US Bank) does not charge....never has to my knowledge, and we have been with them for approx 20 years.

  14. Thrifty Ray Says:

    The branch to my CU is right downstairs. Big Grin
    I use my credit card for everything though..and earn 1% cash back, then pay it off a few times each month. I might use an ATM 1-2 times per month, but normally not. Like other CU users, any co-op ATM is free- so if I have to use one, it is either my CU or another CU's. Never pay a fee.

  15. My English Castle Says:

    CCF: Have you asked your bank to waive it, pleading ignorance and promising not to do it again? It's worth a shot, I think.

  16. creditcardfree Says:

    @MyEnglishCastle, I did check with my bank after your post. Ten free ATM's has always been the rule apparently. They would not waive the fees. This was very unusual for us, so hopefully it will just be a good reminder for us to take out more cash when we stop by the bank.

  17. My English Castle Says:

    Crud. I think they should give you a free pass once. Oh well.

  18. Foxie25 Says:

    Credit card, credit card, credit card, I think I have used my atm at the bank twice in the last three months.

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