I pay 1 or 2 ATM fees per year, because I just look for credit unions, and the vast majority of CUs are in mutual networks where ATMs are fee-free for each other's members. Even while traveling -- finding a CU ATM in the Denver airport put a big grin on my face.
What ATMs do you use where you can only take out $20 at a time? I usually see caps of $200-300 and once in a while, on the nasty-fee ATMs they're $100 but I just find another one.
By your logic, when I'm out of cash and make a $300 withdrawal to buy a $3 snack with it, the other $297 evaporates instead of sitting in my wallet like real money.
It's weird to me that so many people refrain from carrying cash on the logic that they might be mugged or lose their wallet. Okay, those things could happen, but how often? I've been mugged zero times and lost my wallet once in the last 20 years. Assume I had $150, half my usual withdrawal amount, in the wallet at the time. How long does it take someone to rack up $150 in ATM fees while trying to avoid that exposure? Quite a bit less than 20 years! I'd wager most people spend more on fear fees than they'd potentially lose if they simply carried the cash, because the loss events are so very rare.
What ATMs do you use where you can only take out $20 at a time? I usually see caps of $200-300 and once in a while, on the nasty-fee ATMs they're $100 but I just find another one.
By your logic, when I'm out of cash and make a $300 withdrawal to buy a $3 snack with it, the other $297 evaporates instead of sitting in my wallet like real money.
It's weird to me that so many people refrain from carrying cash on the logic that they might be mugged or lose their wallet. Okay, those things could happen, but how often? I've been mugged zero times and lost my wallet once in the last 20 years. Assume I had $150, half my usual withdrawal amount, in the wallet at the time. How long does it take someone to rack up $150 in ATM fees while trying to avoid that exposure? Quite a bit less than 20 years! I'd wager most people spend more on fear fees than they'd potentially lose if they simply carried the cash, because the loss events are so very rare.
As for compulsively spending money in one's pocket, http://www.nbc.com/saturday-night-live/video/dont-buy-stuff/...