Black Immigrant Daily News
As people sit and wait for wages and salaries to hit their bank accounts or be placed in their hands this January, it’s time people see where they are losing money in the name of convenience.
What are we at Loop terming Convenience Tax?
This is monies spent to avoid extra travel.
In other words, people are paying for convenience and it’s adding up.
Here are some ways you be losing money out of convenience.
Do you pay for using an ATM/ABM outside the bank you bank? YES
How much does it cost?
It costs $3 each and every time for all cardholders.
Do you pay for a balance inquiry at ATMs? YES for most cardholders
Republic Bank customers – Balance Inquiries at Other Bank ATMs: $1.25
FCIB – At another bank’s ABM: $1.20
Scotiabank – Another Bank’s inquiry: $1.00
BPWCCUL – Balance Inquiries at other Financial Institution ATMs – $1.25
First Citizens – Balance inquiry at another ABM – $0.00
Do you pay for a decline withdrawal from another ATM? YES for most cardholders
First Citizens – Cash Withdrawal Decline: $0.00
FCIB – At another local bank’s ABM: $1.20
Scotiabank – Another Bank’s decline transaction: $1.00
BPWCCUL – Declined transactions: Local – FREE
(Imagine getting no money but still being charged for using the ATM!)
So how can you stop wasting money at other ATMs/ABMs beside your banks, just out of convenience?
Plan your routes and make sure to use your own ATM/ABM as much as possible this year.
How else can we encourage or convince you?
Think of it this way, every time you withdraw cash from a different ATM you are basically pay bus fare for a ride you are not taking. So if you withdraw $50 ten times in a month for lunch, that’s $500, but if you take it from an ATM that’s not yours, that is $530 withdrawn, of which you only got $500!
Or some people would work out that they need $500 for lunch for the month and pay one $3-fee, that’s savings, but on the flipside, you are now walking around with large sums of cash.
It’s a Catch-22 if you want to rely on other ATMs.
So figure out what’s most convenient for you or simply stick to your bank’s ATMs and avoid this Convenience Tax in 2023!