Navigating ATM Fees and How to Avoid Them (2024)

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• Many banks charge customers for using an out-of-network ATM.
• The out-of-network ATM provider usually charges you an additional fee.
• Avoid ATM fees by looking for a bank with a large network or one that refunds out-of-network fees.

Depending on where you bank, you may have to pay ATM fees for using another financial institution's ATM. If you're frequently visiting out-of-network ATMs, the fees can stack up quickly.

Here's why ATM fees are charged, how much you have to pay, and how to avoid them in the future.

Why are ATM fees charged?

Most banking institutions have free ATM networks. For example, as a Bank of America customer, you can use any Bank of America ATM for free.

Online banks generally don't have their own ATM networks, but they often partner with a large network like Allpoint or MoneyPass so you have free access to thousands of ATMs around the U.S.

Some ATM providers may charge you for either withdrawing funds or checking your balance, while others will let you check your balance for free but charge you for taking out cash.

Types of ATM fees

You may incur ATM fees if you use a machine outside of the network, including:

• Fees from the bank: The bank itself may charge you up to a few dollars for using an out-of-network ATM.
• Fees from the ATM provider: If you use an out-of-network ATM, the company servicing that machine will probably charge you an additional fee. Let's say you are a Bank of America customer who uses a non-Bank of America ATM. Bank of America would charge you $2.50, and the provider charges you $3. You'd pay $5.50 total for withdrawing money.
• International ATM fees: If you use an out-of-network ATM in a foreign country, you'll probably pay an additional fee. Some banks charge their usual out-of-network ATM fee, and some charge a higher fee. For example, you'd pay $5 to withdraw money from a foreign ATM with Bank of America instead of the usual $2.50. You'd also pay a 3% foreign transaction fee, plus any fee the ATM provider may charge.

ATM fees at national banks

Most brick-and-mortar banks charge fees for using out-of-network ATMs. National banks tend to waive ATM fees on certain checking accounts, or may offer reimbursem*nt up to a monthly limit.

If you're interested in an institution but turned off by the fee, check whether there's a zero-ATM-fee account option.

ATM fees at regional banks

Regional banks tend to charge lower ATM fees than national banks. Not all regional institutions have accounts that refund fees charged by ATM providers, though.

ATM fees at online banks

Online banks typically have the most lenient ATM fees. Many won't charge you, and it's common for them to refund some fees charged by out-of-network ATM providers.

How to avoid bank ATM fees

Bank ATM fees can get expensive. Here are some tips for avoiding ATM fees:

• Choose a bank with no ATM fees. Not all banks charge out-of-network ATM fees. Consider exploring one of the best banks for avoiding ATM fees or finding a bank that has a checking account option with no fees.
• Choose a bank that refunds ATM fees. Even if an institution doesn't charge you for using an out-of-network ATM, the machine provider may. Some banks reimburse up to a certain amount every month in fees charged by an out-of-network provider. If you suspect you'll use non-network ATMs frequently, look for a bank that will refund you.
• Choose a bank with easily accessible ATMs. Before opening a checking account, check the bank's ATM locator to make sure you're close to enough ATMs.
• Withdraw more money at once. Another solution is just to use ATMs less often. You can withdraw more money at one time rather than visiting ATMs frequently and paying multiple fees. The downside is that you may feel uncomfortable keeping a bunch of cash on hand.

ATM fee FAQs