I’m a Finance Professional: 4 Times You Should Never Use an ATM

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For people who were used to making in-person visits to their banks to withdraw or deposit money, ATMs were nothing less than miracles. Offering the convenience of getting money on the go, ATMs are now such an ideal solution for avoiding wait times at the bank or grabbing an extra couple of bucks for a night out that most people simply take them for granted.

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However, there are times when you should reconsider using an ATM. While some instances are obvious, such as clear signs of tampering, there are other elements to watch out for. To help you make the safest possible decisions around using ATMs, GOBankingRates checked in with personal finance writer Naomi Strong and Todd Stearn, founder and CEO of the Money Manual.

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You Need To Perform a More Complex Transaction

While ATMs offer speedy service for simple procedures like withdrawals and balance inquiries, Strong cautions you against assuming all ATMs will be able to cover everything you need.

“Most ATMs offer basic transactions, such as withdrawals and balance inquiries, but they often lack features like depositing checks or transferring funds between accounts,” she said. “For these more complex transactions, it’s best to visit a bank branch or use online banking services.”

Strong also noted that ATMs often come with withdrawal limits that might not allow you to complete a larger transaction.

“Opting for an isolated ATM for large withdrawals puts your security at risk. It’s safer to head to a bank branch, where you can access higher withdrawal limits and benefit from better security measures,” she said.

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You Don’t Want To Be Hit With Extra Fees

One of the most common complaints about using ATMs has long been the added fees whenever you have to rely on one that isn’t affiliated with your bank. It’s an issue that Stearn is familiar with.

“CNBC recently reported that ATM fees had hit an all-time high of $4.73. If you withdraw money a few times a month or more, that could add up fast,” he said. “It definitely pays to know what ATMs are in-network for your bank, so you don’t waste money on ATM fees.”

You’re Concerned About Safety

Standard wisdom advises you to stay clear of ATMs in areas that aren’t well-lit or in locations that don’t feel safe. Stearn added that if you see someone loitering near an ATM, that might be your cue to turn around and find another way to access your money.

In addition to fears that someone may be out to rob you, scammers might try other routes, like offering to “help” you with a supposedly malfunctioning ATM — thus gaining access to confidential information like your PIN.

“Also make sure that your transaction has concluded and that the ATM has returned to its home screen before walking away, so your account won’t be potentially vulnerable to someone who might approach quickly after you walk away,” he said.

You Want To Protect Yourself From Scammers

Though it’s getting harder to detect skimmers — card readers that are disguised to resemble part of an ATM but help scammers steal your card information — scam artists and thieves have also branched out into new ways of conning people out of confidential information, especially their PINs.

Stearn said that you can apply a few basic precautions to help protect your confidential information from digital pickpockets.

“Look for anything near or in sight of the keypad that could be hiding a camera to record your pin, and check the card slot for any sign of a plastic sheath that isn’t part of the machine,” he said. “You’ll also want to take precautions with your PIN, like never carrying it on you and blocking visibility of the PIN pad with your other hand as you type.”

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This article originally appeared on GOBankingRates.com: I’m a Finance Professional: 4 Times You Should Never Use an ATM