More Cash for Cash

The U.S. Public Interest Research Group has reported that the average charge for using an ATM that does not belong to your bank is now $2.86, almost three times the level in 1999. As the article in U.S. News and World Report points out, there are usually two fees involved: the $1 to $2 for a "foreign" ATM not belonging to your bank, and the $1 to $2 fee that your bank may assess. Also some banks levy an annual fee for their ATM cards.

However, as we have often said, "The market works." In response to these fees, there are a growing number of free alternatives. For example, credit unions and a number of New England banks have formed a consortium to offer no-fee ATMs to their customers. And, of course, there is cash back at the grocery store. Check out the web site: www.atm.surcharges.com/find.html.