I did something last week that I knew was wrong, something I’d advise you never to repeat.
It all started when a frazzled-looking fellow approached me outside a Marysville restaurant as I was heading in for dinner.
To cut to the chase, he wanted a handout. And not just a couple bucks.
He said he lived in Centralia, was traveling with his wife to see her daughter in Bellingham and ran out of money when his wife needed some urgent medical care. He said he believed $20 would get him home.
He suggested that I go to his car in the parking lot and look at his wife’s face for proof of his tale of woe.
That was the last thing I wanted to do. It seemed demeaning to his wife for me to force her to put her face up for inspection. I only had pocket change, so I met him at the gas station next door, topped off his tank on my debit card with $11 worth of gas, then picked up $10 on the ATM inside the convenience store to so he’d have some cash if his tank ran dry.
I passed him my business card in case he wanted to pay me back as he insisted he would. I’ve done this a couple times in the past and have never gotten a payback, so I’ll be surprised if my future involves an envelope with a $20 bill.
Right about now, you’re probably thinking that handing over the money was the something wrong I referred to in the beginning of this column. You could be right. That may have been a mistake. But I prefer to think of it as a random act of kindness. I’ve had a good life. I can afford to lose $20 bucks if it gets a stranded motorist home safe.
No, what I clearly did wrong was to use the ATM machine. I had to since I had no folding money.
But I was shocked that I was charged $2 to get $10. That’s a 20 percent fee for something that wasn’t even a loan, just a money transfer. Back in the olden days, they stoned people to death for providing money at those kinds of rates.
You’re probably wondering where I’ve been — why a $2 fee would surprise me or tee me off. But I really haven’t used an ATM machine that charges a fee for years. My credit union doesn’t charge, and I typically plan my spending so that I have the cash I need. Or I use my credit card as a backup.
Many people may not fuss over $2. But it doesn’t take long for those fees to add up.
Bankrate.com studied what’s been happening with ATM fees and released the results last Tuesday. It’s findings: surcharges for people using ATMs that aren’t offered by their own bank have risen to a record $1.78 from $1.64 a year ago.
The most common fee has jumped from $1.50 to $2, and Bank of America is charging $3 for “foreign users” these days, Bankrate reported.
$3. Gee whiz. I wouldn’t pay that without a gun to my head.
The other bad news is that your own bank may tack on $1.25 when you use another bank’s ATM. If this sounds like chump change, guess how much Bankrate estimates we’ll pay in ATM fees this year — $4.4 billion.
Bankrate also found that the average bad-check fee has jumped from $27.40 last fall to $28.23 these days. I’ll give banks that one. It should cost you something if you pass a bad check.
Bankrate’s senior analyst, Greg McBride, expects other banks to follow with a $3 fee. “Banks often move like a school of fish on ATM fees,” he was quoted as saying by the Associated Press.
It’s easy to think you can’t fight the big banks, but you can.
Instead of using the nearest ATM, try to plan ahead and use one operated by your own bank.
Or you can buy something in a store with your debit card and ask for some cash back.
All it takes is a little planning.
Mike Benbow: 425-339-3459; benbow@heraldnet.com.
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