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I can never figure out why people complain about ATM fees. Especially when those same people proceed to take $20 out of an ATM, thus maximizing the fee ($5/$25

I can never figure out why people complain about ATM fees. Especially when those same people proceed to take $20 out of an ATM, thus maximizing the fee ($5/$25 = 20%!) The math is not particularly difficult: Always take out the absolute maximum that the machine will give you. $5/$505 =~ 1%. That's close enough to zero to ignore. Feel free to stash most of that cash in your sock drawer if you don't want to carry it around.

jonknee 16y ago
... Most people who complain about said fees don't have the sort of funds to do that. Not to mention not wanting to walk around with $500 (which you will have to do unless the ATM happens to be in your sock drawer already).
- jasonkester 16y ago
  OK, I'll grant you a window from birth up to two months after graduating from college (I too remember transferring my last $10 from savings to checking so that there would be a full $20 to withdraw). After that, you have no excuse not to be able to pull $500 from a cash machine every couple months. Remember, once it's out you don't have to spend it all that day. I tend to pull cash out maybe once every month or so, depending on how much I go out. It's really just life skills we're talking about. ATMs only enter the discussion as a symptom.
  - jonknee 16y ago
    Besides the fact a lot of people have much less money than you, I think you also use ATMs much differently. If you're not traveling the world, the primary use of ATMs is getting cash when you need it, not getting out a large bulk sum a few times a year which is then hidden and dolled out incrementally for times you think you might need cash ahead of time. That can easily be done at the bank when cashing those huge checks everyone apparently starts getting after college.
    - jasonkester 16y ago
      That's the life skills I talked about above. - If you have a job and ever get to the point where you have only $500 in savings, that is a huge red flag that you're doing something wrong. You should immediately stop buying things and budget your income so that you're saving a few hundred dollars a month, and endeavor never to get below a certain comfortable pad. If you're in IT, you can easily get a $10k pad in place within one year of having your first job. Once that's in place, then you can think about owning a television and other consumables. Not before. - If you regularly find yourself with no money in your wallet, that's a symptom that you're not thinking ahead. I tend to keep between $50 and $200 in my wallet. If I buy something and notice that I've only got a couple 20's in there, I'll make a note to either stock up from the sock drawer or hit an ATM when I get a chance. ATMs are a way to get money out of the bank. It's best not to think of them as a replacement for your wallet (since that's the way to maximize your fees). You don't have to have lots of money to do these basic things. I was doing them when I made $34k/year.

jonknee 16y ago

... Most people who complain about said fees don't have the sort of funds to do that. Not to mention not wanting to walk around with $500 (which you will have to do unless the ATM happens to be in your sock drawer already).

jasonkester 16y ago
OK, I'll grant you a window from birth up to two months after graduating from college (I too remember transferring my last $10 from savings to checking so that there would be a full $20 to withdraw). After that, you have no excuse not to be able to pull $500 from a cash machine every couple months. Remember, once it's out you don't have to spend it all that day. I tend to pull cash out maybe once every month or so, depending on how much I go out. It's really just life skills we're talking about. ATMs only enter the discussion as a symptom.
- jonknee 16y ago
  Besides the fact a lot of people have much less money than you, I think you also use ATMs much differently. If you're not traveling the world, the primary use of ATMs is getting cash when you need it, not getting out a large bulk sum a few times a year which is then hidden and dolled out incrementally for times you think you might need cash ahead of time. That can easily be done at the bank when cashing those huge checks everyone apparently starts getting after college.
  - jasonkester 16y ago
    That's the life skills I talked about above. - If you have a job and ever get to the point where you have only $500 in savings, that is a huge red flag that you're doing something wrong. You should immediately stop buying things and budget your income so that you're saving a few hundred dollars a month, and endeavor never to get below a certain comfortable pad. If you're in IT, you can easily get a $10k pad in place within one year of having your first job. Once that's in place, then you can think about owning a television and other consumables. Not before. - If you regularly find yourself with no money in your wallet, that's a symptom that you're not thinking ahead. I tend to keep between $50 and $200 in my wallet. If I buy something and notice that I've only got a couple 20's in there, I'll make a note to either stock up from the sock drawer or hit an ATM when I get a chance. ATMs are a way to get money out of the bank. It's best not to think of them as a replacement for your wallet (since that's the way to maximize your fees). You don't have to have lots of money to do these basic things. I was doing them when I made $34k/year.