Updated on Friday, September 11, 2020
Nothing is more frustrating than having to pay a fee simply to access your cash â€” yet ATM fees run rampant in the banking industry, and they can add up fast. While ATM fees can climb as high as $5, rest assured there are steps you can take to avoid paying them, such as making sure you go to an in-network machine and being selective about your checking account.
This article dives deep into those pesky ATM fees and gives you the lowdown on how to avoid them.
Automated teller machine (ATM) fees are costs you can incur for actions taken at an ATM, including making withdrawals, transfers or balance inquiries.
Typically, ATM fees are levied on customers when they use an out-of-network ATM â€” meaning an ATM that is not operated by the bank at which they have an account â€” or if they use an ATM internationally. ATM fees can also be charged by the ATMâ€™s operator, and while your bank might reimburse you for that cost, not all do.
There are several types of ATM fees, and while you might not be charged any fees at all, you could incur several at a time. These are the most common types of ATM fees:
The cost of out-of-network ATM fees is wide-ranging, typically spanning from $1 to $3.50. Meanwhile, ATM operator fees tend to vary by location.
The table below outlines the out-of-network ATM fees for the biggest banks in the U.S., determined by assets under management. Note that this chart outlines the out-of-network ATM fees that generally apply to the bankâ€™s basic checking account offerings â€” many of these big banks also offer premium checking account options that allow you to waive out-of-network fees or provide rebates for ATM fees. Donâ€™t forget that on top of the out-network-fee, you may also incur an international fee or a fee levied by the ATM operator.
|Out-of-Network ATM Fees Charged By Banks|
|Bank of America||$2.50|
|The Bank of New York Mellon||None|
|State Street Bank||$1|
|BMO Harris Bank||$2.50|
|First Republic Bank||None|
|Huntington National Bank||$3|
While ATM fees are common, there are steps you can take to reduce them or even eliminate many of them altogether. If youâ€™re interested in avoiding ATM fees, consider:
Below you will find our top picks for avoiding ATM fees. To make the cut, these accounts had to either charge no out-of-network ATM fees or provide rebates for fees.
Fees mentioned in this article are accurate as of the date of publishing.