NEW YORK-The New York Times Sunday Business section of April 9 featured a column by reporter Fred Brock about how consumers are irritated by the "double whammy" of paying a fee to two banks for the privilege of getting their own money at ATMs. Those "foreign" transaction fees" can be avoided, however, in a number of ways he said. One way is to bank through the Internet, where several sites like X.com and First Internet Bank will refund a limited amount of other banks' charges, up to $6 per month. That may be inconvenient; but there is another way, wrote Brock. Replace a checking account with an asset management account at Charles Schwab or Merrill Lynch, which offer unlimited refunds for surcharges. This is costly for all but those who keep $100,000 balance or more in their accounts. Then, there are credit unions, said Brock, stating: "Another alternative is credit unions, if you have access to one. But be careful: some are following banks to the ATM jackpot."
Times writer lumps credit unions in with banks
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