Oh, I have lots of time on my hands today and decided to see what Cliff has been up to. He is the nephew of Jim Kramer(?) and has written some "interesting" articles lately about how you don't need an emergency fund (because that is what your parents are for) and how savings in your 20s makes no sense. So morbid curiosity got the better of me. I wondered what kind of bad advice he was doling out these days!
He actually had a couple of articles that made sense. But then that one popped out. It was pretty much a 4-page rant about why paying the $2 ATM fee is worth the convenience and how all personal finance writers are idiots for being anti-ATM fee. (Because we rather drive out of our way or something). His example how it was like a 1-minute walk to the fee-ATM vs. the 10-minute walk to his bank.
Um, he misses the point COMPLETELY. I for one don't have to pay a fee for ATM whether I go to my credit union right around the corner (part of the reason I chose it - for the convenience) or if I go to a different CU by my work. Or when I visit my parents or go across the country I can go to any CU. NO FEE. The whole point is don't pay fees you don't have to. Convenience is not part of the equation of all. It is easy enough for those of us in big cities to pick banks that are convenient and charge no fees. (Yes he lives in the BIG city). So it would be stupid to waste all your money on fees that you don't have to pay. That is the point we make. Yeesh.
Well I don't want to pick on the guy but I just kind of skimmed through the article thinking, boy, this guy doesn't get the point.
Along the same lines it is really quite easy enough to not pay money for:
etc., etc. Why pay stuff when you don't need to?
In his prior article, which was better, he was actually saying how it makes more sense not to pay for things that you can easily get discounted or free. Well, that is exactly the point with ATM fees.
I mean otherwise I could jive with the article. Is it worth it to go way out of your way to save $2 here and there? In many cases, not. But when it is oodles more convenient to avoid that fee, then the whole point is lost on me. I've probably saved thousands over the years avoiding fees like that. & it took little effort.
BTW I posted quite a few pictures of my trip as well. Will have to look at my past 2 entries.
Why Not to Pay ATM Fees