Don’t see your bank on this list of best banks to avoid ATM fees? Here’s what to do
Many of these bank accounts have other perks, such as no monthly fees. But if you don't want to switch banks, remember that nearly any financial institution will let you withdraw money for free from its own ATMs, and many now have apps that help you locate the nearest free ATM. Often, credit unions and community banks participate in larger shared ATM networks, too.
3 national banks’ large ATM networks
Most ATM access at online banks and credit unions relies on third-party networks, requiring an extra step of knowing which ATMs are in which network. Either you’d use an ATM locator on the institutions’ mobile app or website or become familiar with certain third-party ATM logos. However, several of the largest banks in the U.S. have sizable ATMs that are strictly their own, logos and all. Here are the top three:
Chase: More than 15,000 ATMs.
Bank of America: About 15,000 ATMs.
Wells Fargo Bank: About 11,000 ATMs.
What is an out-of-network ATM fee?
An out-of-network ATM fee is a service fee a bank charges you when you use an ATM that isn’t part of its network. In addition to your bank charging you an out-of-network ATM fee, the owner of the ATM you use might also charge a service fee.
How much is an out-of-network ATM fee
A typical out-of-network ATM fee from a national bank can be about $2.50 or $3 per instance. If you use an out-of-network ATM even just twice a month, you could be subject to as much as $72 in fees in one year.
How can I avoid out-of-network ATM fees?
You can avoid being charged out-of-network ATM fees in two main ways:
Using only ATMs owned by your bank.
Getting cash back when you use your debit card to make a PIN-based purchase from a retailer, though the maximum amount may be lower than at an ATM.
» MORE: Learn how to avoid ATM fees
What is an ATM fee reimbursem*nt?
Some banks offer ATM fee reimbursem*nts or refunds, which means that they credit your account for ATM fees you’re charged. For example, if you use an out-of-network ATM and are charged a fee by its owner, your bank would credit your account for that fee.
What are the banks that reimburse ATM fees?
From our list of the best banks to avoid ATM fees, the institutions that reimburse ATM fees are Alliant Credit Union, Axos Bank, Charles Schwab Bank, Consumers Credit Union, E*TRADE, EverBank, and LendingClub Bank.
