10 Ways to Avoid ATM Rip-Offs

People pay several billion dollars a year to get access to their own money through ATMs, but they don't have to.

Bankrate estimates consumers will spend nearly $4.2 billion in ATM fees this year. Most of this money is from surcharges (also called convenience fees) when you use an ATM that is not in your bank's network system. The surcharge typically runs between $1.50 and $2.50. In addition, your own bank may also charge a fee to you when you use another bank's ATM, which typically ranges from $1 to $1.50.

If you find you spend a lot on ATM fees each month, here are some tips to reduce the amount you're paying:

1. Change banks: Some banks still charge you to take your own money from its ATMs. Search for a bank that has conveniently located ATMs in its system and does not charge a fee when you use them. You can also try to find a bank that doesn't charge you a fee when you use an ATM that is not in its network. As a general rule, smaller banks and credit unions are less likely to charge this fee than larger banking institutions.

2. Try an online bank: More and more online banks and brokerage firms now offer surcharge-free access to other banks' ATMs (or will refund any surcharge applied) to remain competitive.

3. Look for a convenient network: It makes no sense to have a bank that doesn't charge an ATM fee if its ATMs are not located where you can easily use them. Using other banks' ATMs will almost always result in a surcharge.