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Megapixel
08-15-2010, 16:11
Hi all,

I have two questions that contain a few sub questions i've been thinking about for our upcoming thru. I'm hoping some previous thru hikers can help out.:D

1. How did you manage money/finances along the trail? Specifically, did you need to carry much cash for things such as laundry mats, etc.?

2. What bank did you find to be most accessible/frequent in trail towns? I would hate to have to bite the bullet every trail town and pay an ATM fee. And that gets me to thinking, is there a bank out there that offers free ATM fees at any ATM location???

Much thanks in advance for your time and thoughts in helping us plan!

Scooby99
08-15-2010, 16:54
Schwab bank and some other internet only banks refund all ATM fees.

kayak karl
08-15-2010, 17:19
Hi all,

I have two questions that contain a few sub questions i've been thinking about for our upcoming thru. I'm hoping some previous thru hikers can help out.:D

1. How did you manage money/finances along the trail? Specifically, did you need to carry much cash for things such as laundry mats, etc.?

2. What bank did you find to be most accessible/frequent in trail towns? I would hate to have to bite the bullet every trail town and pay an ATM fee. And that gets me to thinking, is there a bank out there that offers free ATM fees at any ATM location???

Much thanks in advance for your time and thoughts in helping us plan!
most post offices will give cash back.
i opened a second atm card. had an auto transfer of $100 every week. this way i didn't stand to lose thousands if i lost the card. if i needed more or less i went on line and fixed.

BigFoot2002
08-15-2010, 17:21
I carry a debit card and get cash back when resupplying at the grocers. In a pinch, you can get cash back with a debit card purchase at any post office, although they may not have much cash on hand when they first open. Use plastic for all meal and hotel purchases that take plastic.

4000 AT miles and not one ATM fee yet.

Doctari
08-15-2010, 18:22
First long trip (13 years ago) I took Travelers checks with good effect. Easy to use, everyone knew what they were, "Just like money" was the reply when asked at any business if they took them.

2 years ago, did the TC route again (used cash last 10 years, for no real reason as opposed to TCs), Me: "Do you take Travelers checks?" Them: "We don't take checks!!!" Me "NO, Travelers Checks! not a personal check!" Them: "A WHAT?!?!? Ive never heard of that!"

Usually (except for the foreign owned / operated motel at Atkins) after explaining what they were & teaching them how to use them, there was no problem, but it was a hassel.

NOW: I carry 2 prepaid credit cards (Master Charge AND Visa) & an ATM card.
Haven't used the ATM card yet, but no long trips since 08, only little 5 day jaunts, so cash is sufficient. I have an American Express prepaid, It has taken me over 5 years to spend the $50.00 on it as it's not accepted ANYWHERE that I have tried to use it. The Visa / MC cards are treated like pay as you go CCs, so, , , , , , , , , ,

Appalachian Tater
08-15-2010, 21:28
(except for the foreign owned / operated motel at Atkins)

That hotel is not foreign owned or operated. Members of the family who own and run it live right there on the property.

Danielsen
08-15-2010, 22:45
A number of local banks and small chains refund ATM fees. I recall going to my friend's bank with her up in Maine, just a local bank located in Kittery, and being shocked to read their policies: no ATM fees, excellent overdraft protection... banks like that survive and thrive by taking really good care of their customers. Customer loyalty is vital to their survival. I'd check around and see if you have anything similar.

BrianLe
08-15-2010, 22:46
Some folks on the trail talked about having cards that didn't charge ATM fees, but it didn't seem like all that big a deal to me --- I just got a relatively large amount (at least $200, or in some cases $300) when I did get cash, and paid for probably the majority of things I bought with credit card along the way. Using credit card has the extra advantage that you don't tend to accumulate so many coins from each transaction too. That combination, at any rate, meant that I didn't end up paying all that much in ATM fees. Certainly not enough IMO to warrant the hassle of changing to or adding an additional credit (or debit) card.

Jeff
08-16-2010, 06:05
I hear many thruhikers talk about budgeting over the years. Quite a few have told me that you should plan to spend 1/3 of you budget south of Harpers Ferry and 2/3 north of there. New England can get very expensive compared to down south & your appetite just won't quit as you get 4 or 5 months into your hike.

Boliche
08-16-2010, 08:28
Consider USAA Savings Bank. They refund most ATM fees. Also, they are used to supporting military personnel all over the world. Excellent service, knowledgeable people answering the phone means what is there to not like.

Boliche

DavidNH
08-16-2010, 10:02
Always carry an ATM card AND a credit card. Some establishments don't take credit cards and some places may not have access to ATM machines (though that is rare). Furthermore, the ATM machine just might eat your card (this happened to me in Robbinsville, NC).

You've probably heard stories of how some folks hike the AT end to end on a 1000 bucks. Don't do it. If there is money left over fine but allow your self some flexibility. I'd recommend having at least 5000 dollars to spend. This will cover you for the occasional hotel night (this can do wonders!) meals at restaurants (you will want this!). Having a reserve of cash in the bank also allows for replacement of gear or emergency expenses. It is better to leave with 5000 in the bank and only spend 2000 than to leave with 2500 and only spend 2000.

you should have at all times a working ATM card AND a credit card.

You could-- if you do a lot of mail drops..stick travelers checques in the boxes.

I don't know if you have this luxury, but it can sure help to have a family member manage your finances while you are hiking. Just because you are thru hiking for 5-6 months, doesn't mean your bills go on hold!!!

David

Mr. Right
08-16-2010, 13:27
I carried a bank debit card only. Most places (groceries, hotels, restaurants, post office) will take a debit card. I also always made sure I had $30 or so cash. Whenever the cash got low, I would get cash back when buying groceries or at the post office. It wasn't a big deal. In fact, I can only think of maybe five times when I had to pay an ATM fee (and then it was because I dropped the ball on keeping my cash up to sufficient standards).

Also, Jeff has it right, in my experience. I spent very little money from GA to Harpers Ferry. But once I hit hit the Northern states, the money began to flow. Things are more expensive, there's a lot more to do and by that point you've been giving it your all and you figure you should reward yourself with some down time. It took me as long to get from CT to Katahdin as it did for me to get from Springer to CT, mostly because I was stopping so often for donuts or ice cream or sandwiches at a million locations.

Spokes
08-16-2010, 15:18
I carried a debit and credit card and would always try to top off on cash whenever in town. I tried to always get cash back at the Post Office or at a grocery store that allowed cash back with purchases. Never once used a real "bank".

Like bigfoot2002 did, I too used plastic for meals or lodging whenever possible.

whitelightning
08-16-2010, 15:21
I didn't end up paying that many atm fees using my debit card. I just got cash back when resupplying at grocery stores, post offices, etc. I didn't need to carry that much cash at one time.

I did notice, though, in the NJ/ NY area many small stores and delis did not accept credit/debit cards. These places did have atm machines in their stores. So this is one area I'd carry a bit more cash, because I did pay some atm fees at a few places I didn't expect too.

tw200
08-16-2010, 17:00
Consider USAA Savings Bank. They refund most ATM fees. Also, they are used to supporting military personnel all over the world. Excellent service, knowledgeable people answering the phone means what is there to not like.

Boliche


I second the USAA suggestion and agree about their excellent customer service. Here is their ATM fee policy:

USAA does not charge a fee for the first 10 ATM withdrawals and refunds up to $15 in other banks' ATM usage fees each month. A 1% foreign transaction fee applies to withdrawals outside the United States.

The only place I have witnessed ATM fees more than $15 were NYC, which was the closest I came to being mugged :D


TW200

Doctari
08-17-2010, 11:31
That hotel is not foreign owned or operated. Members of the family who own and run it live right there on the property.

Yea, sorry.

My impression was they were VERY new to this country AND to the English language. I tried to explain the difference between a personal check & a TC, no avail. I later went back & paid cash once my wife caught up to me. Nice people, but could not understand what I was saying.

the goat
08-17-2010, 11:42
I carry a debit card and get cash back when resupplying at the grocers. In a pinch, you can get cash back with a debit card purchase at any post office, although they may not have much cash on hand when they first open. Use plastic for all meal and hotel purchases that take plastic.

4000 AT miles and not one ATM fee yet.

ditto, that's what i did.....

Spokes
08-17-2010, 11:51
.....
I did notice, though, in the NJ/ NY area many small stores and delis did not accept credit/debit cards. These places did have atm machines in their stores. So this is one area I'd carry a bit more cash, because I did pay some atm fees at a few places I didn't expect too.

Whitelightning, I noticed the same thing and was always leery about using those stand alone ATM's- look too much like one-arm bandits to me.

Money management on the trail is sort of like playing chess- you always have to think one or two moves ahead.....

Trailbender
08-21-2010, 17:30
I had fun explaining to places that didn't take credit cards that a debit card was not the same thing. They usually looked at me and said, "We don't take credit cards".

I usually wanted to say to the stores that did not take cards, "Do you still bang two rocks together to start a fire?". Seriously, it's 2010, I was surprised to see places still do cash only. I usually carried around 200 in cash and paid with a card whenever possible.

Danielsen
08-21-2010, 22:32
I had fun explaining to places that didn't take credit cards that a debit card was not the same thing. They usually looked at me and said, "We don't take credit cards".

I usually wanted to say to the stores that did not take cards, "Do you still bang two rocks together to start a fire?". Seriously, it's 2010, I was surprised to see places still do cash only. I usually carried around 200 in cash and paid with a card whenever possible.

I've encountered a number of small stores and restaurants where they don't take plastic due to the fees that credit card companies or banks apparently charge them (also some that only take cards for purchases over $5, or $10, or what have you). So it may be that the economics just don't work out for them, rather than them being simple luddites.

sbhikes
08-21-2010, 23:25
I use a small local bank so I had to pay big ATM fees. In the face of a big giant life experience like a thru-hike, I didn't think it was a big deal. I just took out large amounts of cash to dilute the fee.

What I never did find out was how other people managed their at-home finances. I fortunately have only two bills -- rent and credit card. I left a bunch of pre-signed checks for my boyfriend to cover these. How others handle their monthly bills was something I never found out.

Trailbender
08-22-2010, 14:02
I've encountered a number of small stores and restaurants where they don't take plastic due to the fees that credit card companies or banks apparently charge them (also some that only take cards for purchases over $5, or $10, or what have you). So it may be that the economics just don't work out for them, rather than them being simple luddites.


The economics are that many people carry debit cards nowadays. I never carry cash at home, just my card. Cash is outdated and obsolete, cards are much more efficient.

Places that do not take cards lose a nice chunk of their business.

Appalachian Tater
08-22-2010, 15:12
What I never did find out was how other people managed their at-home finances. I fortunately have only two bills -- rent and credit card. I left a bunch of pre-signed checks for my boyfriend to cover these. How others handle their monthly bills was something I never found out.

All of my bills are automatically charged to my credit card or deducted from my checking account. The credit card payment is automatically deducted from the checking so as long as there is enough money in my checking account, I don't have to do anything but look at my statements online to make sure the charges are appropriate. I have only written seven checks in the last three years.

Appalachian Tater
08-22-2010, 15:16
Yea, sorry.

My impression was they were VERY new to this country AND to the English language. I tried to explain the difference between a personal check & a TC, no avail. I later went back & paid cash once my wife caught up to me. Nice people, but could not understand what I was saying.

I'm not surprised they didn't know what a traveler's check was, most people don't. What got me last summer was trying to find a pay phone in a shopping center in New Jersey. The two clerks in their twenties at the drug store acted like they had never heard of a pay phone and they had no idea where one was. Neither of them had ever used one!

IronGutsTommy
08-22-2010, 15:48
yep the advent of the cell phone was the death nell of the payphone.. which is a real shame. no more helpless feeling than simply needing to make a call and not finding a single payphone.. ive encountered many entire towns without a single payphone. sometimes ppl will lend u a cell, but in times of real need theyre nowhere to be found.

Spokes
08-22-2010, 16:05
........
What I never did find out was how other people managed their at-home finances. I fortunately have only two bills -- rent and credit card. .......

Online banking. Had all my re-occurring bills on auto pay and made sure I had a "balance" on my credit cards and then set-up a monthly minimum payment that would hold the card until I got back to settle it out. Pretty simple.

I also made up a notebook for my girlfriend containing vital information about home/personal insurance policies, medical information, location of will, power of attorney, HIPAA Waiver, location of the emergency water shut-off at the house, and even an envelope with emergency cash in case she needed to hire someone to repair something inside my home while I was gone.

She really appreciated it and kept me from worrying about the little stuff.

Danielsen
08-22-2010, 16:13
The economics are that many people carry debit cards nowadays. I never carry cash at home, just my card. Cash is outdated and obsolete, cards are much more efficient.

Places that do not take cards lose a nice chunk of their business.

Maybe, maybe not. Many of the places I'm referring to rely on locals for most of their business. Travelers who are likely to carry only cards don't make up much of their income.

And really, if all those card-carriers would cost them more in the long run (again, credit card companies sometimes levy heavy fines) than simply not getting the business of the card-carriers, what are they losing out on? It's not like all these stores are run by idiots.

Trailbender
08-22-2010, 16:34
Maybe, maybe not. Many of the places I'm referring to rely on locals for most of their business. Travelers who are likely to carry only cards don't make up much of their income.

And really, if all those card-carriers would cost them more in the long run (again, credit card companies sometimes levy heavy fines) than simply not getting the business of the card-carriers, what are they losing out on? It's not like all these stores are run by idiots.

Doubtful that all the card carriers would cost them more. The ones that did not take cards did not look like they were very successful or expanding.

I have met many idiots who make plenty of money, so that argument is not valid either. The fact is, if a place does not take cards, they probably are losing a third of their business, at least. I find cash to be inconvenient, and on the trail, I hated having to carry the extra change. I was at several hostels who had a small card machine. I can understand a minimum purchase rule, I have no issue with that.

DapperD
08-22-2010, 18:27
Doubtful that all the card carriers would cost them more. The ones that did not take cards did not look like they were very successful or expanding.

I have met many idiots who make plenty of money, so that argument is not valid either. The fact is, if a place does not take cards, they probably are losing a third of their business, at least. I find cash to be inconvenient, and on the trail, I hated having to carry the extra change. I was at several hostels who had a small card machine. I can understand a minimum purchase rule, I have no issue with that.There is no doubt that places like diners and restaurants that don't take plastic are behind the times (however in rural areas this can be common). And I agree that they probably in the long run are losing business. One thing to watch for though when using plastic at an eating establishment is I think they can add on a gratuity, possibly if you do not meet a minimum expenditure set by the establishment, if they so choose:-?.

fiddlehead
05-18-2011, 05:14
I had fun explaining to places that didn't take credit cards that a debit card was not the same thing. They usually looked at me and said, "We don't take credit cards".

I usually wanted to say to the stores that did not take cards, "Do you still bang two rocks together to start a fire?". Seriously, it's 2010, I was surprised to see places still do cash only. I usually carried around 200 in cash and paid with a card whenever possible.

I imagine it's because: They too are trying to keep fees to a minimum.
Do you know that I have to pay between 2.8 % and 4.7% for every credit card transaction for my business.
And when someone wants to dispute a charge, because someone stole their card and used it for a transaction with me, guess who pays? Yep, me!

So although most business have to accept them or die, not all do. And in these small towns, they have probably been taken across once too often. (by theives AND by the credit card company. Not there's any difference sometimes.)

Anyway, I start with about $500 in cash,and try to use credit cards when I can. I rarely need to use the ATM machines. But when i do, i'll take the max.

Panzer1
05-18-2011, 11:24
I usually carry about $400 in cash, 2 credit cards, and a ATM card.
I like cash best and use it mostly.
When I withdraw cash from the ATM I usually withdraw about $400 at a time.

Do my best to get rid of coins before leaving town.

I don't use debit cards because I think their just a fee trap.

Panzer