Save money by using one of our ATMs
Have you ever gone to an ATM outside of your own bank?
Have you ever noticed how much you are paying for surcharge fees?
Most people have terms in their bank accounts that allow for at least a certain number of free transactions, if not unlimited, IF you use your own bank. But what about those times when you need cash and your own bank doesn’t have a nearby branch?
If you use an ATM at any other bank, you’re going to pay, and by pay, we mean A LOT.
You’ve likely noticed already, after you punch in your PIN and indicate the amount of withdrawal, another screen pops up indicating you are going to be charged a $3.00 surcharge fee.
This is a fee on what we’ll call the “front end” – it comes out of your account at the same time as your cash withdrawal.
You may have also noticed, that your own bank will charge you an additional $1.50 Interac fee (the “back end”) – this fee is standard on any other machine other than your own bank.
Let’s take a look at what this means for you. You withdraw $20.00, $23.00 comes out of your account, then an additional $1.50. Do the math: that is a whopping $4.50, yes FOUR DOLLARS and FIFTY CENTS that your $20.00 is costing you. As a percentage: 22.5%
Another alternative, and one that you may not have considered, is to use a non-branch ATM.
The ATM Man has over 200 ATMs across Ontario. Our surcharges average $1.75 (a few higher, and a few lower).
Let’s look at that math again… Your $20.00 withdrawal at one of our ATMs is still going to cost $1.50 Interac fee on the back end from your bank. BUT, the surcharge is only $1.75, not $3.00. So $21.75 comes out of your account, then the $1.50 from your bank. That whopping $4.50 has now dropped down to $3.25 saving you $1.25 per transaction! (That’s almost the cost of a cup of coffee!)
Bottom line: save money by using one of our ATMs!