ATM Fees?!?

HA! Great minds think alike. I bet I know where you are going to school and what paper you are working on. I'm here with the same questions.

Some additional questions for any helpful truckers out there, I am also wondering how much per gallon the cash discounts are. So far I am seeing 6 cents a gallon at Flying J, but can find no other information on cash discounts.

Also if you do buy fuel with cash, do you obtain that cash from ATM's? If so is there a maximum withdrawal amount per machine/per day and is that sufficient to cover your fuel costs?

 

Lots of standard ATM agreements limit daily cash to $200. And this includes whatever fees are assessed, so you have to take out what ever the next increment down is.

But the fees are tax deductable.

 

If a driver is taking cash out of an ATM in a rural truckstop, most likely they are a financial wizard. In fact, they are likely to be the kind of driver that will withdraw $20 at a time, two or three times a day. That's why they put those ATM's in gas stations... To make it easy for you to become a financial wizard with your money.

 

Here is a typical scenerio:

I own my tractor, leave the house to say 10-14 days. During that time I will need about $2500 for fuel and say another $500 for other road expenses, if nothing big breaks. Or about $200 day.

Using ATMs for this amount of cash flow would kill you, even if the charges were only a buck or two. But leaving home with $3000 cash is not wise either, losing it or getting it stolen would pay for a lot of transaction fees.

Solution: Various debit card/fuel card arrangements, usually through your carrier take care of the fuel transaction fees for a small cost. Planning ahead and using ATMS at banks(the walk will do you good) with reasonable fees takes care of the rest.

I spend about $600 annually on money transaction fees of all types. A cost of doing business. Or about $.006 per mile.

 

Excellent answer! It's called "planning", and unfortunately, many folks who decide to become an O/O or L/O don't do enough of it, hence the multiple $20 withdrawls with fees of up to four bucks (go figure the interest on THAT loan....that'll depress ya!).

 

Truck stops and the ATM's owners conspire to rob truck drivers. Whereas one can go to just about any grocery store, convenience store, or a big box retailer (Walmart, Target) and use their ATM/Debit card point of sale (POS) purchase items and then request cash back for free on the transaction, there is no POS in the truck stop counter for your walk up purchases. Typical answer from them is "oh the ATM is right over there if you need cash..." RIGHT. I can go to any bank's ATM and pull out $500 a shot, but not at the ole truck stop-- $200 max and they charge $3.50 for each transaction. Fortunately one of my banks reimburses me for those fees but only so many times a month. Don't get me wrong, I can still purchase things at the truck stop using the ATM/Credit/Debit card just cannot receive cash back so I've become very savvy out here on the road when it comes to those times I think I might require cash (I see a green line on the map [indicating toll road] and I'm not sure if they will be honoring the EZPASS thing mounted inside the truck windshield for example) like looking for Walmarts which usually have larger parking lots that a savvy trucker can maneuver in and park get some things and cash back and leave without too much hassle from the store of law enforcement. Other times there might be a Walgreens, Longs, CVS, Target within walking distance of a truck stop as well or various grocery stores etc.

Love's ATM machine was broken, I asked the guy "do you have point of sale cash back at the register?" He replied, "We don't have that yet", meaning 'we never will and never hope to because the ATM's are cash cows'.

 

I talked to my bank manager about the ATM fees.

Now if I'm out of my banks area I pay No ATM fees for my bank.

The ATM you are using also charges ATM fees but I cant talk to them.

Most of the time when I go to walmart and shop, I get extra cash then.

 

i was trying to find a website i once had saved, but in any event, if one is an o/o then a strong box or mini safe would be an investment to make. you find a hiding place, and install it. this one i did see, was under the floor, and totally weather-tight. it was somehow bolted to the inner frame rail, then a "fake floor" over it. there are "gun safes" that can be hidden in the sleeper as well. but in any event, the ATM fee's are only going to get higher soon enough. maybe just carry one "bank credit card"..??? it's a tough choice to make, we need cash, but we need to be safe as well.

this is not the website i had... http://www.moneysafes.com/safes_sm.htm

but, on page 3 there are small safes an o/o can bolt to the floor. a company driver.......?? sorry, you'll never get permission to bolt anything to the floors.