Automated Teller Machines and Hidden Bank Costs

Automated Teller Machine
Many of us like and appreciate the convenience of using ATM’s. They are right where you need them when you need them. Some people deposit cash into their accounts with them whilst most use them to get money from their savings or chequing account. But did you know that you have to pay each time you use them? This applies especially to times when you are using an ATM that does not belong to your bank. So if your bank is Wachovia and you use Citibank’s ATM, you will have to pay a fee for anything you do with the ATM. If it is Wachovia’s ATM, you will more than likely not have to pay for checking your account balance but only to do withdrawals, etc.

This brings me to the matter of POS (Point-of-Sales) transactions. Every POS transaction attracts a fee. In Jamaica for instance, you pay an average of J$8.00 plus GCT for each successful POS transaction. You also have to pay for declined POS transactions. So the prudent thing to do is buy most of what you need in one place (if possible) so as to avoid paying the transaction fee for making more than one purchase. Let’s say you are buying groceries. If you can get most of what you need in one supermarket, do so in order to cut down on the number of transactions from different places. Same principle for ATM’s – get all the money you need one time and save on the transaction fees. ATM and POS transactions cost money. Make sure you use them wisely.

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