Monday, November 26, 2007

ATM Surcharges

I've been so intrigued by the no-fee ATM promotions that have been floating around that I recently signed up for the program at my bank, PNC. My wife and I tap the ATM a few times a month and sometimes use a non-PNC ATM. I figured this program would save me money. And for a few months, it sure looked like I was saving a ton of cash. ATM fees would be reimbursed immediately as long as the minimum balance in my checking account remained at $2500. By the way, the checking account only yields a few tenths of a percent in interest.

I don't know what I was thinking, but I could easily put the $2500 in a high yield money market account and just go to PNC bank ATMS. If I put it in my ING account, that would yield $107.50 a year...much more than what I spend on ATM fees. I think I'm going to re-think my decision to sign up and go back to the way things were. Are there any banks that have no minimum balance no-fee ATM programs?

1 comment:

Leslie said...

Not related to this post, but I just found your blog through the MoneyNing blog, and I was disappointed to see that you didn't keep it up - I think you wrote some good things, and I would enjoy reading a blog on this subject from the perspective of another Delawarian! (slower-lower resident here!).