What Banks Do Not Charge ATM Fees?
Seamlessly access your cash without paying ATM fees. This guide reveals how to avoid charges and keep more of your money.
ATM fees are a source of frustration for many consumers seeking quick access to their money. These charges can quickly diminish the value of a cash withdrawal, making it important to understand how they work and how to avoid them. This article aims to clarify the landscape of ATM fees and guide readers toward financial institutions and strategies that help minimize these costs.
Understanding ATM Fees
When using an automated teller machine (ATM) outside of your bank’s network, you encounter two distinct fees. The first is a surcharge imposed by the ATM owner or operator. This fee can vary significantly, with the average ATM owner surcharge being around $3.19.
The second fee comes from your own bank for using an out-of-network ATM, averaging approximately $1.58. Combined, the average total cost for an out-of-network ATM transaction reached $4.77 in 2024. These fees cover operational costs, such as machine maintenance and security, and encourage customers to use their bank’s proprietary network.
Financial Institutions with No ATM Fees
Some financial institutions offer accounts designed to avoid or offset ATM fees. Online-only banks often provide extensive access to large surcharge-free ATM networks, such as Allpoint or MoneyPass, with tens of thousands of machines in various retail stores. Many of these digital banks also offer unlimited or substantial reimbursement for ATM fees charged by other banks. Some banks, for example, automatically reimburse all domestic and even international ATM fees.
Credit unions also provide fee-free ATM access through shared networks. The CO-OP ATM Network, for example, offers credit union members access to over 33,000 surcharge-free ATMs nationwide. Some credit unions additionally offer monthly ATM fee rebates, ranging from $10 to $20. Traditional banks with vast proprietary ATM networks also offer fee-free withdrawals within their own machines, and certain premium checking accounts may include ATM fee reimbursements as a benefit.
Alternative Ways to Access Cash Without Fees
Even if your bank charges fees for out-of-network ATM usage, several strategies exist to access cash without incurring additional costs. The most straightforward method involves locating and using ATMs within your bank’s own network. Most banks provide mobile apps or website locators that allow you to easily find nearby fee-free ATMs. This ensures you are using a machine where neither your bank nor the ATM owner will impose a fee.
Another option is to request cash back when making a purchase at a retail store, such as a grocery store or pharmacy. Many retailers offer this service at the point-of-sale when you use a debit card, and it is provided without an extra fee. While cash back limits can vary by merchant, often ranging from $20 to $100 per transaction, it serves as an effective way to obtain cash. Some retailers might charge a small fee for cash back, between $0.50 and $2.50, depending on the amount.
Visiting a branch of your own bank is a reliable way to withdraw cash without any fees. Tellers can process withdrawals directly from your account. This method is particularly useful for larger cash needs or for those who prefer face-to-face banking services. Utilizing these alternative methods can help you avoid the rising costs associated with out-of-network ATM transactions.