PICK A BETTER BANK! THE BEST NO-FEE ATM CARDS!

When you use ATM machines, you quickly learn that banks like to take advantage of you when you are vulnerable. If you are in desperate need of cash, can’t find an ATM owned by your bank, and your account is at a typical institution, you get ripped off. Most banks set the rules to make sure that every ATM transaction pays off (for the bank) as much as possible. According to SNL Financial, the five largest banks in the United States, that is JP Morgan Chase (JPM), Bank of America (BAC), Citibank (C), Wells Fargo (WFC),  and US Bankcorp, together earn almost $300 million every single quarter from ATM fees alone!

Inside the USA, it is bad enough. If you are unable to locate a machine owned by your bank, you will pay dearly. Typically, you will get hit with an average of $1.70 from your own bank, and about $3.00 by the bank that owns the ATM, resulting in an average cost of $4.70 each time you use your card at a machine that isn’t owned by your bank.

If you need money when you are outside the USA, the situation gets worse. Not only will they ding you with usage fees, but they will force you to pay up to a 3% or higher so-called “currency conversion fee!” This is true even though your bank has no involvement in the currency conversion process. Currencies conversion is always handled by Visa and Mastercard, and the networks already charge a 1% fee for doing it. The fee charged by your bank is on top of that. It is an abusive fee that compensates them for doing nothing.

Will you continue to allow yourself to be a willing victim? If not, what can you do? The answer is simple. Choose not to be a victim by picking a better bank! It’s not easy to find them, but there are a few financial institutions that do not impose unfair fees and costs upon hapless customers.

Charles Schwab Bank

Charles Schwab offers a so-called “High-Yield” Investor checking account. Theoretically, the account is tied to a Schwab brokerage account, but there is no obligation to fund the brokerage account. Schwab allows its customers to use ATM cards anywhere in the world, as many times as they want, without currency conversion fees or usage fees imposed by Schwab...         [TO READ THE REST OF THIS ARTICLE, CLICK HERE]