19 April 2008
Using Automated Teller Machines
Posted by tom under: Personal Finance .
Automated teller machines
I doubt if there is more than a handful of people in the U.S. who has not used an automated teller machine at some time. No longer do you have to stand in line in the bank waiting to make deposits, withdrawals or to find out if there is any money left in your accounts. If you are going shopping, you can use your bank card to pay for purchases and even get cash back, withdrawn automatically from your bank account. Automated teller machines are not confined to bank premises either. They’re everywhere, at the mall and inside stores, from large department stores to the local mini-mart. Automated teller machines make our lives easier, often eliminating a trip to the bank among our errands. If these handy money machines were to disappear altogether, the entire society would be thrown into a tizzy.
There are a few negative aspects to the automated teller machines that you should keep in mind and to be aware of in order to save money, keep your finances straight and be safe from thieves and muggers.
The most important thing is the safety factor. It is unwise to use an automated teller machine on the street at night, even if other people are waiting in line behind you. Thieves may be lurking around these machines and are very good at looking inconspicuous. A person standing nearby may look as though he’s waiting to hail a taxi or looking out for a friend he’s meeting when in fact, he may be idling there, waiting for you to withdraw some cash and then mugging you. If you’re withdrawing money, find an automated teller machine inside a store in a well-lit area.
You need to keep track of any costs involved in using an automated machine. They can damage your financial standing if you are not careful. When banks were first installing these machines, you were not charged a fee to get a mini-statement of account or to withdraw cash. As the automated teller machines began populating small stores and malls, transactions became a bit more complicated.
So wat happens now is that you use a machine in the mini-mart and the chances are that the machine is owned by someone other than your bank. When you withdraw cash, you are charged a fee by the owner of that machine, which is clearly spelled out on the screen before you complete your transaction. You accept the fee and make note of it in your bank book. What you may not know is that your own bank will also charge a fee for processing the outside transaction. If your bank balance is not high and you make a number of such transactions, your account may become overdrawn, and a hefty overdraft fee will be imposed. When you use automated teller machines, keep an eye out for those hidden fees and always be conscious of your surroundings and enjoy the conveniences that an automated teller machine can provide.