Have you ever needed to get cash quickly and used the closest or most convenient ATM? Doing so, you could have paid unknown fees or charges. When you use an ATM that you are not affiliated with, any type of transaction can cost unwanted fees.
How can you avoid ATM fees? In certain circumstances, you will need to use an outside ATM to withdraw cash. However, there is helpful information you can learn before you withdraw cash from an outside ATM. This will help to reduce costs and save your money. Read this post to not only find out more about ATM fees, but also learn how to save money in the future.
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ATM Fee Insight
When you use an ATM that you are not affiliated with, it will cost unwanted fees charged by 1) the ATM you use and 2) even your own bank. Also keep note that international ATM transactions are typically more expensive so if you are going on vacation plan ahead!
ATM Fee:
- Using an ATM at an outside bank as a non-customer will usually cost you anywhere from $1.50 to $4.00. However, an outside bank will not always be available. Depending on your location and time of day you may resort to a non-bank ATM operator. These separate independent ATM operators can charge a lot more for using their services.
Bank Fee:
- Using an ATM at and outside bank or independent ATM operator could also mean an extra fee charged by your own bank. These fees cost around $2.00-$3.00. If you are unsure of your own bank policy, ask your local branch to see what type of access you have.
International Transactions:
- When you are on vacation in a foreign country, it is very possible you will need quick access to an ATM. Be aware that international transactions typically cost more with the transaction fee plus the money conversion fee.
Avoiding ATM Fees
Is there a way to avoid ATM fees? Luckily, there are ways you can avoid unnecessary fees. This may take more time and research, but the trade-off is very worth while. Small fees will stack up over time. If you have an opportunity to save yourself from these fees, why not take advantage of it. See below to find out how you can avoid ATM fees.
Your Own Bank:
- The easiest solution to avoiding ATM fees is to use your own bank. Track where your bank has branches, or ATM locations. If you are on vacation, it is well worth it to take care of your banking needs before hand, or plan ahead to see if their is a ATM nearby.
Credit Union CO-OP Network:
- In certain situations, you will need to use an ATM that is not affiliated with your bank. There are still ways you can use outside ATMs with zero cost. Are you apart of a Credit Union? If yes, there is a chance your Credit Union is part of the CO-OP Network. The CO-OP partnership has over 5,000 shared Credit Union branches which means you have more direct access to your money than most traditional bank customers do. Check out the CO-OP Locator to see if your Credit Union is partnered and to see where you have access.
Reimbursements:
- Your own bank could offer free ATM reimbursements as one of the account features. This means that, if you make a transaction from an outside ATM, your own bank will cover the fee. Some banks will only cover a certain amount while others will cover unlimited amounts.
- Keep in mind that this account feature varies depending on your bank or credit union. Ask your local bank for more information on ATM fees if you are unsure what type of access you have.
Card Network:
- Lastly, you could receive free ATM transactions depending on your card network. What is a card network? A card network acts as the bridge between merchants and the banks that issue the cards. For example, some notable card networks you have most likely heard of are Visa, Mastercard, American Express or Discover. This is another search tool you can use when researching which ATMs near you are free of charge. For example if you have a Mastercard, simply search or ask your bank where you can use your Mastercard at any ATM without paying a fee.
ATM Fees by Bank
Sometimes, no matter how much research or planning you do, you will not be able to avoid the ATM fee. We have combined and compared the ATM fees from some of the most popular banks around. Take a look at the below table to find out how much each bank charges.
| Bank | Non-Network ATM Fee | International ATM Fee | ATM Operator Fee |
| Bank of America | $2.50 | $5.00 and 3% | $3.00 |
| BB&T | $2.50 | $5.00 and 3% | $3.00 |
| BBVA Compass | $2.50 | $2.50 and 3% | — |
| BMO Harris | $2.50 | $2.50 and 3% | $2.50 |
| Capital One | $2.00 | $2.00 and 3% | $3.00 |
| Chase | $2.50 | $3.00 | $3.00 |
| Citibank | $2.50 | $2.50 and 3% | $3.00 |
| Citizens Bank | $3.00 | $3.00 and 3% | $3.00 |
| Comerica Bank | $2.50 | $5.00 and 3% | $3.00 |
| Fifth Third Bank | $2.75 | $5.00 and 3% | $1.50–$3.50 |
| HSBC Bank | $2.50 | $2.50 and 3% | — |
| Keybank | $2.50 | $5.00 and 1% | $2.50 |
| M&T Bank | $3.00 | $5.00 and 3% | $3.00 |
| PNC Bank | $3.00 | $5.00 and 3% | $3.50 |
| Regions Bank | $2.50 | $5.00 and 3% | — |
| Santander | $3.00 | $6.00 and 4% | $3.00 |
| SunTrust | $3.00 | $5.00 and 0% | $2.50 |
| TD Bank | $3.00 | $3.00 and 0% | $3.00 |
| Union Bank | $3.00 | $5.00 and 2% | $3.00 |
| U.S. Bank | $2.50 | $2.50 and 3% | $2.50 |
| Wells Fargo | $2.50 | $5.00 and 3% | $3.00 |
Conclusion
ATMs are a convenient way to complete your financial needs when banks aren’t accessible. However, some people are unaware of the fees and charges that are associated with using ATMs. With all the information from this post, you should be more equipped and informed about all the fees associated with ATMs.
To wrap things up, avoiding ATM fees is possible but it will take research and preparation. However, not everything goes as planned. In the case of an emergency, you might find yourself needing to use an outside ATM but this is not the end of the day. A couple of $3.00 transactions will not hurt too badly. However, when that number is multiplied it adds up over time. Our hope is that moving forward you will have the knowledge and ability to save as much money as possible from ATM fees.
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