Emily Sortor  |  February 11, 2020

Category: Fees

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Banks around the country assess customers a variety of fees, one of the most annoying of which is ATM fees. To keep customers abreast of what fees will be charged when they use ATMs, banks are required to disclose their fee policy. However, some Puerto Rican banks may be charging customers ATM fees without disclosing them in advance. If you have a bank account in Puerto Rico, you may have incurred unexpected fees. The best strategy for avoiding ATM fees depends on a variety of factors.

Unfortunately, the problem is likely not to go away soon. Investopedia reports that as of 2018, ATM fees had risen 36 percent from 10 years earlier. Customers, however, are finding other options. Though fees have gone up, ATM use has gone down, due to the high fees as well as other ways consumers can get cash and bypass ATMs altogether.

The best strategy for avoiding ATM fees is simply to make sure that you only use an ATM owned by your bank. In many cases, large, traditional banks charge high fees if their customers choose to use an ATM owned by another financial institution. These fees are often charged in addition to fees charged by the ATM owner itself. At an average of about $3 each, the fees can add up quickly. According to Nerd Wallet, using an out-of-network ATM just twice a month can add up to more than $100 a year in fees between your bank and the owner of the ATMs.

If you don’t have easy access to your bank account, a good way to avoid ATM fees is to get cashback during a transaction at a grocery store instead of going to the ATM. This will allow you to avoid ATM fees while you’re out doing other errands.

The world is increasingly becoming cashless. In fact, some businesses will only accept electronic payments, something that also makes it easier for consumers to avoid ATM fees. Due.com says credit cards are the safest way to pay if you pay them off every month because they help consumers avoid fraud. An added bonus is that consumers can also avoid ATM fees.

The banking industry is evolving, and some banks are entirely online. These financial institutions may not even have ATMs or will have very few. To offer customers convenience, banks with few or no ATMs will often offer to reimburse ATM fees, thereby allowing their customers to use other ATMs free of charge.

Investopedia cautions that some banks cap the reimbursement amount for ATM fees, which may be per payment cycle. Other banks don’t charge ATM fees if a certain minimum balance is maintained in the account. If you stay within these limits, it may be possible to use the ATM with no fees.

Since Puerto Rico is a United States territory, it follows the same laws as U.S. banks. This means that banks in Puerto Rico must disclose ATM fees to consumers. However, some banks may not do so. Financial institutions may not be clear about their ATM fee policy, resulting in high fees the consumer never anticipated. Thankfully customers now have more resources than ever to help them avoid the inconvenience and cost of ATM fees. Each consumer must figure out his or her best strategy for avoiding ATM fees. 

You may qualify to join this Puerto Rico bank fee class action lawsuit investigation if you have a bank account in Puerto Rico at one of these banks:

  • Banco Popular
  • Banco Santander
  • Caribe Federal Credit Union
  • Citibank NA (Puerto Rico)
  • First Bancorp
  • FirstBank
  • Oriental Financial Group
  • Scotiabank of Puerto Rico

See if you qualify by filling out the form on this page. 

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