Free Worldwide ATM Access For PNC Bank Customers

Posted by Sun on August 23, 2006
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Good news for PNC Bank customers. If you use PNC Bank, soon you will be able to get cash from any ATM around the world for free.

MarketWatch reported today that starting September 1st, PNC Bank customers can access ATMs worldwide without paying any fees. The bank will reimburse access fees charged by other banks for getting cash from competitors’ ATMs.

While this is definitely a good news for PNC Bank customers, you may find there isn’t much too cheer about if you use other banks. According to a recent study by Bankrate.com, the average ATM surcharge is still on the rise, now at $1.60, up 6 cents from the same survey conducted in the fall 2005. And almost every bank now charges fees for cash withdraw if you don’t have an account with them. Bankrate estimated that consumers pay nearly $4.2B for ATM withdraws made at banks that they don’t have an account with.

In addition to the surcharges, banks also impose fees to their customers for using other bank’s ATMs. A bit of good news is such fees have dropped a little bit for the first time since 1998, from $1.37 in Fall 2005 to $1.20 now.

My way of dealing with ATM fees is

Only use my bank’s ATMs - no fees or surcharges for using my own bank;
Always keep about $40 in my pocket - enough to cover small expenses;
Charge with credit card whenever possible - for cashbacks and easy book-keeping.

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