How do I avoid ATM fees? | Consumer Financial Protection Bureau (2024)

FAQs

How do I avoid ATM fees? | Consumer Financial Protection Bureau? ›

Generally, you can avoid ATM fees by using your own bank or credit union's ATMs because most banks and credit unions don't charge a fee for this service. Usually, when you use another bank or credit union's ATM, both the operator of the ATM and your bank or credit union charge you a fee.

Final answer: Withdrawals from either a savings or checking account may incur ATM fees, especially if out-of-network. Avoid fees by using a debit card directly or finding a bank that reimburses ATM fees.

Usually, you can rely on your bank to offer fee-free use of ATMs in their network. Affiliated ATMs: Some smaller banks or online-only financial institutions use a shared web of ATMs. This means that an affiliated ATM isn't owned by your bank, but there's likely no fee associated with the ATM if you choose to use it.

Use in-network ATMs

There are several ways for you to avoid ATM fees, with the most simple one being to only use ATMs within your bank's network. You can generally locate the nearest fee-free ATM using your bank's mobile app. Online-only accounts often offer access to larger ATM networks than brick-and-mortar banks.

Only use your bank or credit union's ATMs to steer clear of surcharges and transaction fees. Ask your financial institution if they offer refunds on surcharge fees if you use an out-of-network ATM.

Common ways to avoid or reduce ATM Card AMC fees include maintaining a minimum balance, choosing a zero-annual-fee card, negotiating with the bank, or opting for combo accounts that offer additional benefits.

If triggering out-of-network fees is unavoidable, consider withdrawing larger amounts of cash at each ATM visit to reduce the number of withdrawals you make and the amount of the fees you pay. If you need only $20 now, for example, take out $100 and save the extra money for later.

Certain banks and credit unions—especially online banks—offer checking accounts with no ATM fees (including no fees for ATM usage or ATM reimbursem*nts). Some of our top-rated accounts are provided by Axos Bank, Needham Bank, LendingClub, and Alliant Credit Union.

What bank has the most fee free ATMs? ›

Federal law allows banks to charge fees, including service fees. The bank is required to disclose to you any fees associated with an account before you open the account. Another federal law requires ATM operators to provide notice to consumers that a fee will be charged.

You can typically dispute any unauthorized charge in your checking account or savings account, including ATM fees. If you incurred an ATM fee and it wasn't the result of fraud, you may still be able to request that your bank reimburse you.

If your account has a limit on ATM transactions per month, you can reduce overage fees by making fewer withdrawals. Try to group transactions by taking out larger amounts of cash that will last you for a longer period of time.

Banks levy the charge on cash and non-cash ATM transactions if a user goes beyond the free monthly limits. In case, the free monthly ATM withdrawal limit exceeds, one will have to pay a tax of an additional ₹21 on each transaction.

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Use an Account That Refunds ATM Fees

Some accounts won't charge you ATM fees even if you use an out-of-network ATM. However, the ATM operators could still charge you a fee to withdraw cash. To get around this, look for accounts that refund ATM fees. The limits and requirements can depend on the account.

To avoid such fees, it's important to monitor your monthly transactions and find other ways to access your savings. For example, you may be able to avoid excessive transaction fees by using ATMs or making fewer, larger transfers and/or withdrawals.