Mac Attack 34

Prepping for a departure date of April '15 to do the Transamerica Trail, then possibly a portion of the Pacific Coast, and I'm trying to figure out the best bank to use for ATM access. I'm trying to avoid paying fees for each transaction, along with trying to determine which bank will be the most convenient. The three banks that I have locally that I'm looking at are Wells Fargo, Bank of America, and TD. Does anybody have any thoughts on which of these would be best? I will be opening a new account just for this trip. Thanks for any help you can give.

Rob Mac

axolotl

I opened an online account with Charles Schwab Bank specifically to avoid ATM fees while traveling. So far, it has worked exactly as promised. I have successfully used ATMs in the US and overseas without incurring any fees.

https://www.schwab.com/public/file/P-...7378_FINAL.pdf

Machka 

Can't you just withdraw whatever amount of money you need when you get groceries? Cash back?

bikemig 

A little old fashioned but you may find that travelers checks will save you in ATM fees.

Davet

Very old-fashioned as quite a few places don't know about or won't take travelers checks.

It's not always easy to find or get to a bank while you're touring. It's far easier to travel with a cash card or debit card and get cash back at a merchant. That way there's no side trips hunting for money.

Walter S

I often see ATM fees of around $3. It applies if I get $25 or $500. Obviously the fee is much less as a percentage if you don't get money frequently and get a lot of cash when you do. I put most stuff on my credit card. So $500 lasts me quite a long time - usually several weeks.

ak08820

TD Bank also reimburses fees charged by other banks. Getting cash back with other transacations works but may have limitations, e.g. $50 max.
I used Schwab on a recent trip to Thailand and they did not reimburse the $180 or so THB Network Fee charged by ATMs, claiming that is the only exception.
Some locations like 7-11 have no fee ATMs, too.

staehpj1

That works very well in my experience. I try to avoid using ATMs altogether when on tour and it has worked out well. I use an ATM that has a fee seldom enough that getting hit with a 2 or 3 dollar fee isn't too painful. I think I avoided ATMs entirely on the ST and only used them a couple times on the TA. I probably could have avoided them on the TA as well if I had been trying to.

My suggestion is to use a debit card when you can and keep a week or two worth of cash on hand replenishing it as needed with "cash back" at checkout when buying groceries.

I wouldn't count on places routinely accepting travelers checks. Last time I used them cashiers looked at them like I was handing them martian currency and that was a long time ago. Things can only have gotten worse in that regard.

staehpj1

Yeah, I was surprised to find that our local 7-11 has a no fee All Point ATM that looks like it is practically a full service bank. I don't think that CVS, Walgreen, Target, or Wawa charge fees either. At least all of those seem to be on the no fee All Point network around here.

BobG

Rob, I've ridden the TransAm four times now as a leader for ACA tours where I had to carry group funds in a separate account. The answer is there is NO one bank that you'll see more of. Even the BAC's and WFC's are rare and many are 10 miles off route so you wouldn't use them anyway. You'll never find a TD beyond VA.

Axoloti, that Schwab account looks like a good deal but if I'm reading the fine print right it must be an "Investor Checking Account" linked to a brokerage account to get the ATM rebate perk.

Machka and staehpj1 have the best suggestion....get cash back whenever you can from purchases to avoid fees. Just carry a debit card from your favorite hometown bank.

Machka 

They ceased being accepted back in the late 1980s or early 1990s.

Do banks even provide them anymore?

axolotl

There is absolutely no obligation to use the brokerage account. I never have. Schwab simply sets one up which is linked to the checking account. There's no minimum deposit required to open the checking account, and no minimum balance to keep in the account.

BobG

Thanks for clarification. That may be the "universal" card that Rob is looking for.

Tourist in MSN

My last tour I was away from home 37 days.

If you use plastic wherever practical, that really helps your cash situation. I used cash for some of the campgrounds that would not take plastic, there were a few campgrounds that did not have internet access to process credit card payments. I also used cash for small locally owned restaurants, but used plastic at all chain restaurants. I use cash for restaurant tips, I never really know if a tip will get to the server on plastic so I use cash for all tips. All other times I used credit cards to pay all expenses. One grocery store would not take credit card, I used debit card there.

I carried three credit cards, but only used two, the third was a backup. I carried two debit cards for ATM use, one was a backup that I planned to never use. The backup cards, I carried those with most of my cash and a passport (passport was backup photo ID) in a different location, the wallet had the rest of my money and the frequently used plastic. My touring shorts have zipper closed pockets, that is where my wallet was.

I actually never got any cash from an ATM because I did not spend much cash, I might have spent a total of $200 over those 37 days in cash.

I carried a small number of checks so I could pay credit card bills to two different banks. I had envelopes that I had stamped and addressed to mail payments to credit card companies but actually stopped in bank branches to pay the bills when I saw the bank branches.

I had a tablet that I used to transfer money from savings into checking. My debit card that I planned to use for ATMs also is attached to that checking account. I checked e-mail regularly whenever I had wifi on that tablet. If the checking account or debit card has a withdrawal over $5, I get an e-mail, that was my warning if there is any theft going on with my debit card. My bank could have done transfers from savings to checking with a phone call too, but I found it easier to use the tablet when I had wifi.

I have all my banks and credit union phone numbers saved in my cell phone. If I lose any plastic, I can immediately get on the phone and start cancelling plastic. Fortunately I have not had to do that since I lost a wallet in an airport several years ago, then I had to cancel all plastic during a trip but I had a big stash of cash and my passport in a separate pocket to get me through the rest of that trip. Ever since that loss, I now carry backup plastic when I travel, and a backup photo ID. Having a backup credit card helped when my main credit card stopped working in Budapest, I always carry at least two credit cards now.

I personally have had very bad experience with Wells Fargo. I regularly use my REI branded credit card issued by US Bank and a cash back Bank of America credit card. My backup credit card was issued by Chase. Those banks have lots of branches across most of the country, comes in handy if you want to walk in to pay a credit card bill.

Since I almost never use an ATM, if I have to pay a few bucks in an ATM fee, I will not get too upset. My debit card is for a local credit union where I have my checking account, but I think they have a reduced fee agreement with many other credit unions.

bikemig 

Oh yeah. Heck you can get them for free sometimes and all banks will take them I believe.

bikemig 

That's probably true but banks will take them. Of course you have to get to a bank during banking hours . . . .

Machka 

Last time I tried to use them was in the late 1980s, IIRC, and they weren't accepted anywhere ... no one knew what they were. When we arrived at our next destination, we went to a bank and cashed them all in so that we would have funds for the rest of the trip. I haven't used them since.

bikemig 

Banks take them as your post points out. I've only used them in banks (and it has been a few years since I last used them) and I've gotten them for "free" from my bank in the past once or twice and paid the fee other times.

Whether that makes any sense for the OP on his or her trip is a whole different story.

fietsbob

A Consumer CoOp Federal Credit Union, FTW!

As member of a Credit Union Association and there should be a Reciprocal ATM deal amongst them,
to take cash withdrawals off Your Debit Card.

Cash advances off a credit card incur a fee, though extra cash with a grocery buy at a big store may be able to come thru your C C purchase ...Ask ..
also say you will be traveling as they may stop access thinking the account was Hacked or card stolen

I used My US Bank Debit card in Ireland And Scotland , drawing off direct deposits to the account back home .

It was Pre Internet , so I had to stay in one place to get statements Mailed, to learn what currency exchange
from dollars to Punts (pre Euro) and GB/NI Pounds were costing.

I went into the bank lobby stripped down a bit , taking off raingear and such since I had that $$ stuff in a Money Belt I wore .

[I was away for 10 Months ]

imi

I went to a local bar yesterday. They didn't take cash, just plastic... Was a first for me

Mac Attack 34

Thanks for all of the responses. There are a lot of options that I hadn't considered.

ak08820

Correction: I found fee-free ATMs at QuickCheck stores. They may be there at 7-11's, too.

staehpj1

And therein lies the rub. It would seem to often be more trouble finding an open bank than finding a no fee ATM and in a pinch paying a $2 fee just isn't the end of the world any way. Bank hours tend to be limited and many small towns may not even have a bank branch, while all but the very smallest towns will have an ATM. I really don't see travelers checks as being much of an option these days.

Also if your bank doesn't provide them for free they may well cost as much or more than the fees you might get hit with at an ATM.

fietsbob

State Lotto, and video gaming Machines are always accompanied with a fee ATM.

imi

Better to use ATM's at a bank during opening hours. If the machine eats your card (which they do on occasion), the bank personell may rescue it for you...

Yeah, I learned this the hard way