You're Probably Paying an ATM Fee You Don't Need To
KEY POINTS
- Most banks still charge fees for using out-of-network ATMs.
- You can avoid fees by finding a bank that refunds them or has a large network of free ATMs.
- Switching accounts is an easy way to save money if you're frequently using ATMs.
If you've ever gotten money from an out-of-network ATM, you've likely seen a surprise fee or two show up in your account.
Your bank will hit you with a charge -- then the ATM owner often tacks on another fee. That means a $20 withdrawal could cost you $25. Not ideal, especially if you're frequently using ATMs.
Luckily, ATM fees are easy to avoid. If you're tired of paying them, here's how you can switch and save.
Find a bank that refunds ATM fees
Many online banks, and a growing number of regional banks, are helping to do away with ATM fees altogether.
Some offer unlimited refunds on any fees charged by third-party ATM operators. Others give you a small, set amount each month to cover occasional withdrawals.
LendingClub LevelUp Checking, for example, offers unlimited ATM fee rebates worldwide. That makes it a strong choice if you frequently use out-of-network ATMs. The account also has no monthly fees or minimum balance requirements.
Skip fees with a larger ATM network
Another way to avoid ATM fees is by sticking to a network your bank already supports. Some banks partner with major networks like Allpoint or MoneyPass, giving you access to tens of thousands of ATMs nationwide.
The EverBank Performance℠ Checking is a great checking account option, for example, offering fee-free access to more than 80,000 ATMs and up to $15 in fee refunds per month. It's a great fit if you mostly stay in-network but want backup coverage when you're on the road.
Want a bank that'll help you save at the ATM? Check out our list of banks with no ATM fees to get started.
A simple switch can save you real money
ATM fees may seem small, but they add up -- and they're completely avoidable. If your bank charges you every time you need cash, it's time to move on.
If you're looking to switch, find a bank that either refunds out-of-network fees or offers access to a large, free ATM network. You'll save money without changing how you bank -- and get back to spending money on the things you actually need.
Our Research Expert
Ryan is a full-time Personal Finance Writer at Motley Fool Money. He’s been covering topics like credit cards and savings since 2022, focusing on helping people who are new to the world of personal finance.