I’m sick of paying ATM fees so I just finished switching to my USAA debit card for my cash money needs. They refund up to $15 of ATM fees per month and don’t charge you any fees for using other people’s ATMs. I’m still keeping my WaMu account but I took my WaMu debit card out of my wallet and just funded my USAA account with some money. Not that I have a problem but I think this will also help reduce petty cash spending. Plus, by using cash more often that means I’m getting more change, and all my coin change goes into my piggy bank (60% full at the moment, looking forward to the day I take it to the Commerce Bank “Penny Arcade” coin-counting machine). With the specter of a recession giving us all wet willies, are you making any changes to your personal finance system?
(Photo: Ben Popken)
More From Consumerist
-
Walmart & American Express Team Up To Release Prepaid Debit Card With Surprisingly Few Fees
-
Not The Best Idea To Gamble That $1.5 Million You Got Due To Bank Of America’s Error
-
If All You’ve Got Is $17 In Your Account New ATMs Will Oblige With $1 And $5 Bills
-
Visa, FICO Warn Card Issuers Of More Sophisticated ATM Crimes
-
Do We Still Need Fee-Disclosure Placards On ATMs?
@Vanvi: I have that account and it is outstanding. Unlimited ATM refunds, and they are almost always refunded immediately (end of day at the latest).
There are limitations on it though, you have to have at least 5k in your checking to get the high interest rate, and I believe you need either 5k in your checking or 50k in all of your accounts (brokerage included) to get unlimited ATM refunds. Don’t quote me, check the fine print. For what it’s worth, the max-rate checking interest rate has not been dropping nearly as quickly as the savings rate.
Anyway I think it’s a real time saver to have your checking, savings, and brokerage accounts in the same place, and it’s definitely a bonus that I can always get to my money regardless of where I am (my city does not share any banks with my hometown, so I always found myself travelling with entirely too much cash on me). But I don’t fault people who keep accounts at several different banks for the sake of maximizing their interest rates, this just makes things so easy for me.
@geeniusatwrok: That is no longer true. You now must meet USAA’s traditional requirements for membership now to use the banking services as well. The exception to that is if you live in Bexar County, Texas, where the single branch is based.
There is a much easier way, don’t use cash. Problem solved you’ll never pay atm fees ever again.
@burgundyyears: ok, kinda true. I live in Bexar County (San Antonio) and I had to qualify just like everyone else. (Through my Dad who retired from the Army like 30 years ago – not sure how he qualified…) I started with my car insurance and have been so happy with them that I pretty much use them exclusively for banking/insurance/credit card.
And by the way, the USAA campus is massive and so heavily guarded you’d better be sure you know EXACTLY where you’re going if you want to make a deposit in person. It’s a very scary place.
I don’t withdraw large amounts of money, so I just withdraw from Trader Joe’s and CVS.
With USAA how do you make deposits that are not direct deposits? At any atm? That would be really good.
@gingerCE: With a scanner. Or by mail. Not in any ATMs that I know of.
I’ve been thinking about signing up for a Schwab account, which offers reimbursement for any incurred ATM fees. The question I have is this:
If enough people go this route, why doesn’t Bank of America just up its fee charged to nonmembers to something like $10/transaction? It would provide BoA with sorely needed cash while zinging a competitor. And if the fees charged to someone like Schwab become to high, Schwab will either just end the program or significantly limit the amount it’s willing to reimburse each month.
That’s why I’m hesitant. I think this ATM fee reimbursement, while great, is only temporary.
@halajenn: Yeah, you have to meet their usual membership requirements regardless of where you live for the insurance products, but (in theory) at least you would be allowed to use the USAA Bank just by showing you’re a resident, regardless of your military affiliation.
PNC bank (and probably many other banks) offers unlimited reimbursement for their checking accounts IF you maintain a $2500 balance. While to some that may seem silly BUT if you have a bit of savings AND you use lots of different ATMs there is a compelling reason to keep that balance in your 0% interest checking account:
At the highest interest rates of last year, $2500 will yield $10 a month in interest. Use a foreign ATM 5 times a month and you have matched that. Use it more and it pays to lose the interest and get the fees reimbursed.
That’s at 5% interest. Now with interest rates in the toilet, it makes even more sense to have a checking account that reimburses fees.
Compass Bank in Arizona, Colorado, and a few southeastern states also refunds all ATM fees. There’s no limit, but you do have to bring/send in your receipts. It’s the main reason I switched my accounts to them several years ago, I think ATM fees are one of the biggest ripoffs out there.
@NewPerfection: Commerce’s coin counting is free.
My Charles Schwab High yield checking earns me 3.01% variable APY and I never pay ATM withdraw fees at any ATM in the world (no cap of $15 either). Just go to their website ([www.schwab.com]) and click on the link on the front page.
My bank has world-wide completely free ATMs. I’m charged “out of network” ATM fees but they are credited back to my account within 24 hours. No monthly limits.
Love it!
I think I’m one of the few people who are happy with their bank. I don’t pay fees for any of my accounts & when I call customer service (which I just did today due to this Hannaford Supermarkets security thing) I get a real live helpful person who answers on the first ring!
Bangor Savings Bank in Maine
@medalian1: This is verrrry interesting and new to me – how long does it take them to reimburse you? Is it instant, monthly, bi-monthly?
In my, granted limited, experience they add up all your ATM fees and credit you back at the end of your statement period. It works well, I have yet to have any problems with them crediting me.
@youbastid: Yep, Schwab is monthly. On the last day of each month, you will see two deposit transactions: one is your ATM fee rebate and the other is your interest. My ATM fees have always been accurate. As for depositing, (someone brought this up about USAA), Schwab provides pre-addressed, postage-paid envelopes to mail your checks in. And, if you ever run out, just call them up and they’ll happily send you several more stacks.
@AD8BC: USAA refunds ATM fees automaticly. No need to muss or fuss with mailing in receipts.
@youbastid:
My bank credits ATM fees within 24 hours- not monthly.
Digital Federal Credit Union refunds ATM fees, among their many other great services,
Happy customer for 30 years.
No restrictions to join as opposed to USAA.
Please post positive things about organizations I’d actually be able to become a member of. Thank you.