Banking Tools for College Students – The ATM/Debit Card

Nothing beats an ATM card for convenience.  However, there can be a cost associated with the delivery of that convenience.  Every student should be fully aware of his or her bank’s fee policies.  If you’re a customer, most banks will not charge you for using their own ATMs, but you should know whether or not you will be charged for using another bank’s ATM, and by your own bank for managing that transaction. Be aware, if you are being charged, and you’re in the habit of visiting the ATM many times a week, the charges can add up quickly.  Remember the option of using the cash-back feature of debit cards when making purchases to possibly avoid some fees associated with using another or ganization’s ATM. Also, if your bank is a member of the SUM ATM Program, you can avoid ATM surcharges by using another bank’s ATM — if it is a member.

Debit cards are a very useful and popular way to purchase many goods and services as they take the funds directly from your checking account. However, to avoid unexpected overdraft charges, consumers now have the right to opt-out of any automatic overdraft protection plans on their debit cards. Consider whether you want to allow your bank to let you overdraw your account to make a purchase or withdraw funds at an ATM for additional fees that can add up.

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The Massachusetts Bankers Association represents approximately 190 commercial,
savings and co-operative banks and savings and loan institutions located in Massachusetts and
elsewhere in New England.

Massachusetts Bankers Association, Inc.
One Washington Mall, 8th Floor
Boston, MA  02108
Tel: 617-523-7595 / Fax: 617-523-6373

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