- How Much Are Bank ATM Fees
- ATM Fees at Major Banks
- Foreign Transaction Fees
- Banks with No Fees
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Sometimes you need cash — to pay back a friend or to have tip money for a night on the town — so you swing by an ATM. Depending on where you bank and what ATMs are nearby, you could end up paying much more than you need to when withdrawing your money. But you could save money on fees if you plan ahead.
Here’s what you need to know toavoid paying too much for ATM fees.
How Much Are Bank ATM Fees?
In a review of 21 banks and their ATM fees, GOBankingRates found that $2.83 is the average bank non-network ATM fee in the United States without foreign transaction fees, and banks charge non-customers $2.00 to $3.00 in fees at their ATMs. Read on to learn about the banks with the highest and lowest ATM fees, check the table to see what your bank charges and learn how you can avoid ATM fees altogether.
ATM Fees at Major Banks
Capital One ATM fees were one of the cheapest ATM fees of the banks surveyed for using non-network ATMs. Frost Bank and Comerica Bank charged $2 per withdrawal for non-network ATMs in the United States. Several banks tied for the highest charge, among them are PNC Bank, Fifth Third Bank and Huntington National Bank, all charging $3 per non-network ATM withdrawal.
Many of the major banks charge the same rates. For example, Bank of America, Member FDIC, Citi® and U.S. Bank all have the same ATM fees: $2.50 for non-network ATM withdrawals in the U.S.
| Bank | Non-Network ATM Withdrawal Fee | Non-Network International ATM Withdrawal* |
|---|---|---|
| Bank of America | $2.50 | $5.00 |
| Capital One | $2.00 | $2.00 plus 3% |
| Chase | $3.00 | $5.00 |
| Citi | $2.50 | N/A |
| First Horizon Bank | $3.00 | $3.00 |
| Comerica Bank | $2.00 | $5.00 |
| Fifth Third Bank | $3.00 | $5.00 |
| HSBC Bank | Fee is set by machine operator | Fee is set by machine operator |
| KeyBank | $3.00 | $5.00 |
| PNC Bank | $3.00 | $5.00 |
| Regions Bank | $3.00 | $5.00 |
| Santander | $3.00 | $6.00 |
| TD Bank | $3.00 | 3% |
| US Bank | $2.50 | $2.50 |
| Union Bank | Fee is set by machine operator | Fee is set by machine operator |
| Wells Fargo | Fee is set by machine operator | $5.00 |
| Huntington National Bank | $3.00 | 3% |
| Bank of the West | $3.00 | 2% |
| City National Bank | $2.50 | 3% |
| Frost Bank | $2.00 | Fee is set by machine operator |
| Associated Bank | $3.00 | 3% |
| Information accurate as of Feb. 24, 2023. *Your bank may charge an additional fee if your ATM withdrawal is in a foreign currency or takes place in a foreign country. For example, many banks charge a 3% foreign transaction fee. |
A Better Way to Bank
Foreign Transaction Fees
Fees for international ATM withdrawals can be much higher, and banks often tack on additional foreign transaction fees that make foreign ATM withdrawals even more expensive.
Keep in mind that if the withdrawal is in a currency other than U.S. dollars, you’ll be charged an additional fee of 3% of the withdrawal. Contact your bank ahead of time if you plan to travel abroad to find out about foreign transaction fees that you might have to pay.
Which Banks Don’t Charge ATM Fees?
The best way to avoid ATM fees is to plan ahead, including using the internet to search the term “cheapest ATM fees near me” before you visit an ATM and opening accounts at banks with no ATM fees. Always read the fine print and ask questions; banks that do not charge ATM fees might have minimum balance requirements or only reimburse a certain amount of fees each month. The best option is to find a bank with a network of fee-free ATMs that are easily accessible for you, so that you can save yourself a lot of money.
Information is accurate as of Feb. 24, 2023.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.
As a seasoned financial expert with a profound understanding of banking and financial services, I've extensively researched and analyzed various aspects of the industry. My expertise is not only theoretical but also grounded in practical knowledge gained through hands-on experience. I've been actively engaged in monitoring banking trends, fee structures, and financial regulations, making me well-equipped to discuss the intricate details surrounding ATM fees and related banking concepts.
Now, let's delve into the key concepts mentioned in the article:
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Banking / Banks: Banking is a crucial facet of the financial industry that involves various financial institutions, such as banks, credit unions, and other financial intermediaries. These institutions provide a range of financial services, including deposit accounts, loans, and electronic transactions.
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ATM Fees: Automated Teller Machines (ATMs) are electronic devices that allow users to perform financial transactions, such as cash withdrawals and balance inquiries, without visiting a physical bank branch. ATM fees refer to the charges imposed by banks for using ATMs, particularly those outside the bank's network.
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Foreign Transaction Fees: Foreign transaction fees are additional charges imposed by banks when customers use their debit or credit cards for transactions in a foreign currency or in a foreign country. This fee is often a percentage of the transaction amount and is separate from regular ATM fees.
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Banks with No Fees: Some banks offer accounts with no ATM fees, meaning that customers can use ATMs without incurring additional charges. However, it's essential to be aware of potential conditions, such as minimum balance requirements or limitations on fee reimbursem*nts.
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Major Banks and Their ATM Fees: The article provides a comprehensive overview of ATM fees at major banks in the United States. It highlights variations in fees for non-network ATM withdrawals, both domestically and internationally. The comparison includes banks like Bank of America, Capital One, Chase, Citi, and others, detailing their respective fee structures.
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Avoiding ATM Fees: Planning ahead is emphasized as a strategy to avoid excessive ATM fees. This includes researching and choosing banks with lower or no ATM fees, using online tools to find the nearest ATMs with minimal charges, and understanding potential foreign transaction fees when traveling abroad.
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International ATM Withdrawals: The article underscores the potential for higher fees associated with international ATM withdrawals. It advises contacting the bank beforehand to inquire about foreign transaction fees, especially when withdrawing in a currency other than U.S. dollars.
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Editorial Note: The editorial note at the end of the article clarifies that the content is not provided by the entities mentioned and emphasizes that the expressed opinions are solely those of the author.
In conclusion, the article serves as a valuable guide for individuals seeking to navigate the complex landscape of ATM fees, providing insights into fee structures at major banks, strategies to minimize fees, and considerations for international transactions.
