No Atm Fees: A Guide to Saving Money

Saving money on ATM fees is a no-brainer, especially if you have a bank account with no ATM fees. Some banks offer up to 40,000 free ATMs nationwide.

Having a bank account with no ATM fees can save you up to $5 per transaction, which may not seem like a lot, but it adds up to $1,200 per year if you make 240 transactions. That's a significant amount of money that can be put towards other expenses or savings goals.

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ATM fees can be a real pain, but understanding how they work can help you avoid them. The average combined cost to use an out-of-network ATM was $4.73 in 2023.

Your bank will pay a small fee to the company that owns the ATM, which will be passed through to you as a non-bank ATM fee. You may then be charged a fee directly from the unaffiliated ATM itself.

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The average ATM surcharge, or the fee levied by the other bank, was $3.15 in 2023, an all-time high. This is a fee you'll pay every time you use an out-of-network ATM.

Knowing where your local ATMs are and making a habit to use them can save you money. The ATMs that belong to your financial institution will generally offer free withdrawals.

You can use your bank's ATM locator to find no-fee ATMs. This is the best way to make sure the ATM you're standing in front of is in network.

Discover, for example, has more than 60,000 no-fee ATMs in its partner network. This can allow you to get cash without paying an ATM fee, regardless of whether your bank has a branch in the area.

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Your bank's ATM network is a great place to start when looking for no-fee ATMs. Many banks have partnerships with retailers and gas stations to offer no-fee access to a wide network of ATMs.

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You can use your bank's ATM locator to find the nearest in-network ATM. This is the best way to ensure the ATM you're using is free from fees. According to Sarah Hollenbeck, a personal finance expert, you can search your bank's ATM network online or within their mobile banking app.

Some banks, like Discover, have an extensive network of no-fee ATMs with over 60,000 locations. You can find the ATM nearest you at any time using Discover's online ATM locator or through its app.

If you don't have access to Wi-Fi or your bank's app, you can still avoid ATM fees by checking the ATM screen before completing the transaction. The ATM will disclose any fees via a screen, allowing you to choose whether to proceed or remove your card.

Here are some examples of banks that offer no-fee ATMs:

Remember, knowing your bank's ATM network can save you money and hassle in the long run.

Some banks offer no-fee ATMs, which can save you money in the long run. Ally Bank, for example, offers access to AllPoint ATMs with no charges for using an ATM in the US within their network.

If you need to use an out-of-network ATM, Ally will reimburse you up to $10 per statement cycle, and even pay interest on the refunds starting from the day they're credited to your account.

Other banks, like Axos Bank, offer unlimited refunds on domestic ATM surcharges with their Rewards Checking, Cashback Checking, and Essential Checking accounts. Golden Checking accounts can receive up to $8 in refunds every month.

If you're a frequent traveler, consider Fidelity Cash Management or Betterment, which both reimburse all ATM fees worldwide, along with other benefits like travel assistance and insurance.

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Navy Federal Credit Union has nearly 30,000 free ATMs, making it easy to access cash without incurring fees.

Fidelity Cash Management offers access to 1 million ATMs worldwide with no charge, making it a great option for frequent travelers.

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Charles Schwab will reimburse unlimited ATM surcharges worldwide, giving you peace of mind when using out-of-network ATMs.

TD Bank's TD Beyond Checking account allows you to earn interest and reverse two overdraft fees yearly, but you must have a daily minimum of $2,500 in your account to qualify for fee reimbursements on non-TD ATMs.

Aspiration doesn't charge for withdrawals at over 55,000 ATMs and reimburses one out-of-network ATM fee monthly, making it a great option for those who want to avoid fees.

Chase doesn't charge fees at any of its ATMs worldwide and will reimburse you for any surcharges incurred at non-Chase ATMs.

Here are some no-fee banks that offer reimbursement for out-of-network ATM fees:

Axos Bank's Rewards Checking, Cashback Checking, and Essential Checking accounts all receive unlimited refunds on domestic ATM surcharges.

Needham Bank provides full reimbursement for ATM charges all over the world.

Stearns Bank offers a range of benefits to its customers, including access to over 38,000 ATMs nationwide.

You can withdraw cash without worrying about ATM fees, thanks to Stearns Bank's policy of reimbursing unlimited ATM surcharges worldwide, just like Charles Schwab.

Aspiration, another bank with a similar policy, also doesn't charge maintenance or foreign transaction fees, which can save you money on your transactions.

If you're an Aspiration customer, you can also track your carbon footprint on purchases, making it an excellent choice for those who want to make a positive impact on the environment.

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Avoiding ATM Fees in Europe can be a challenge, but it's not impossible. Some banks, particularly digital-only ones, offer a number of free withdrawals every month.

If you have one of these accounts, make sure to use a bank-owned ATM to avoid fees. Independent ATMs, often found in off-the-beaten-track locations or inside small convenience stores, are more likely to charge you fees and may even be tampered with, making them less secure.

To make the most of your free withdrawals, plan ahead and stop at bank-owned ATMs whenever you see one. This may be worth the extra effort, especially if your bank gives you a limited number of free withdrawals per month.

If you do need to make cash payments, try to spend your money in small, cash-only venues like markets, and then opt to pay by card, contactless, or mobile payments everywhere else.

Here's a quick rundown of the best practices to avoid ATM fees in Europe:

You can avoid fees when using ATMs in Europe by finding a bank account that doesn't charge them. Some banks, particularly digital-only ones, offer a number of free withdrawals every month.

Sticking to bank-owned ATMs is key. Independent ATMs are more likely to charge you fees for using their service, and they're also more likely to be tampered with, making them less secure.

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If your account only gives you free withdrawals when using branch ATMs, planning ahead to stop and take out money every time you see one may be worth the money saved. Take out larger sums and store the excess at home to avoid carrying lots of cash with you.

Using a debit card where you can is another way to minimize fees. The fewer cash payments you make, the less cash you need.

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