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30 Second Real Estate Analyzer

7.09.2010

Fun in the sun

So what are your plans to beat the heat on this beautiful weekend? Did you have any money savings tips to treat your family to a low cost weekend?


Sent wirelessly from my BlackBerry device on the Bell network.
Envoyé sans fil par mon terminal mobile BlackBerry sur le réseau de Bell.

ATM fees

Fees are paid for using ATM services. These are collected by two sectors: the owner of the ATM and the network provider of the financial institution. Those fees collected by the owners of the ATMs are usually termed surcharge fees that can go as high as $3.00 per transaction.

In addition, some other banks impose more charges known as transaction fee. This is often interpreted as a penalty paid by the clients who have not used the ATM services.

As one continues to use the ATM, the minimal fees one pay accumulates into substantial amount, but there are ways to reduce such expense.

For one, you might want to join a bank that does not charge fees when you use ATMs of other banks. This will certainly cut the fees by at least fifty percent.  I personally, use President's Choice and CIBC to increase my opportunity to avoid ATM fees.  They allow you to use both services interchangeably and I've avoided numerous ATM fees that way.

Second, you might want to look for a bank that reimburses surcharge fees paid. This occurs when clients utilize the services of the ATMs found in distant places often in isolated places.

Third, why don't you start using credit cards that is accepted by most establishments today as payment? With credit cards, one does not need to carry cash to pay for the purchase one makes. If you don't use cash, you don't have to carry cash that often.  Once again, I use my CIBC Aerogold Visa for all of my purchases in order to collect and redeem Aeroplan points.  It's worked well for me...the only stickler could be the annual fee in relation to the cost of Air Canada flights.  I still think that I'm ahead.

Reduce the use of cash by using more of the credit card services. However, make sure you have adequate funds to pay off the purchases. Otherwise, you'll end up broke.

Finally, you should estimate your cash needs within a window of time so that you can lower the number of times you withdraw and reducing the transaction fees. Therefore, it is very important to consider the sum of cash you need for the time and how much you can afford to withdraw more so that you will not keep going back to the ATM.