Cashing In at the Cashier

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Yes, ATMs are sure convenient. They seem to be on just about every corner, beckoning you to make a quick pit stop for some cash. Easy in, easy out. But beware. Under that shiny exterior of convenience, there may lurk a sinister byproduct.

If you have a Vantage checking account and use another bank or credit union’s ATM, you’ll likely be charged a fee by the institution for using their ATM. Basically, you’re paying for the convenience of using an ATM right then and there rather than going to your nearest Vantage ATM. But here’s a way to keep the convenience getting cash out where you are and save a bunch on those foreign ATM fees.

Yes, ATMs are sure convenient. They seem to be on just about every corner, beckoning you to make a quick pit stop for some cash. Easy in, easy out. But beware. Under that shiny exterior of convenience, there may lurk a sinister byproduct.

If you have a Vantage checking account and use another bank or credit union’s ATM, you’ll likely be charged a fee by the institution for using their ATM. Basically, you’re paying for the convenience of using an ATM right then and there rather than going to your nearest Vantage ATM. But here’s a way to keep the convenience getting cash out where you are and save a bunch on those foreign ATM fees.

According to Bankrate’s 2010 Checking Study, using a foreign ATM could cost you in the neighborhood of $3.74 per transaction. That means if you stopped by one of these ATMs for a quick $20 to hold you over, the fee would represent 19% of your total withdrawal. Yikes! How can that be? Let’s take a look.

Per Bankrate, the average fee for using an institution’s ATM when you’re not a customer is $2.33. And, the financial institution you do belong to will also charge a fee because you went outside its network, which costs money. The average fee there is anywhere between $1.32 and $1.41 (Vantage only charges $1.00 for you to use another institution’s ATM). So there you have your $3.74 in fees. Is it worth it?

Vantage has a convenient way to get cash. Let’s say you’re at the grocery store checking out. After the cashier adds up all those fresh vegetables and fish (healthful eating, right?), you simply use your Vantage Visa Check Card and punch in your PIN for whatever amount of cash back you’d like. It’s quick, easy and actually more convenient. You’re saving time and gas when you purchase groceries and get cash back in the same trip.

Not all ATMs are bad. Don’t forget, Vantage is a member of the CO-OP Network, a network of 28,000 surcharge-free ATMs across North America (nearly 300 in the St. Louis area). That means, as a Vantage member, you can use any ATM with the CO-OP Network logo to get cash with no fee. You’ll even find them in places like 7-Eleven, Costco and Walgreens.

We’re not dissing ATMs (or discouraging you from visiting the friendly employees of your favorite Vantage branch), we’re just providing you with an alternate plan when you need cash quickly and conveniently, for a lot less than using a foreign ATM—your Vantage Visa Check Card and cash back at the cash register. Because that’s just how we roll!
 

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