ATM fees are expensive. As the wife of a banker who has not paid a bank fee in more than 14 years, I can assure you that I know a thing or two about ATM fees. I know that the national average for a banking customer to use a foreign ATM (an ATM that is not part of your banking network, such as being a Bank of American customer using a Chase ATM) has risen to an average of $4.52 per transaction. That fee includes the foreign ATM fee charged to you by your bank, by the ATM owner and by the bank with its name on the ATM. Because my husband works for a bank that is not very close to our home, I never use our ATM. If he was not an employee of the bank, I’d pay $4.75 for every ATM I used. That’s a $2.50 fee issued by the ATM I use the most and a $2.25 fee associated with using a foreign ATM.
Think about that if you use the ATM once a week all year to get your cash for the week. That’s a total of $247 in ATM fees alone; no wonder so many people are looking for a way to stop paying ATM fees and start receiving access to their funds for nothing. It is, after all, you money. So why do you bother with a bank that charges you so many fees just to access it when you need it the most? You don’t have to; we’ve found five banks that offer you free ATM charges no matter where you get your cash, as well as reimburse you for the fees that foreign ATMs charge you when you use their machines.
If you want to save money on ATM fees, here’s where you need to bank.
- Bank of Internet USA – offers three checking accounts that provide reimbursement for all foreign ATM transaction fees
- Radius Bank – offers two accounts that provide reimbursement for all foreign ATM transaction fees
- Alliant Credit Union – offers up to $20 per month in ATM fee reimbursement
- Bank5 Connect – offers up to $15 per month in ATM fee reimbursement
- Ally Bank – offers up to $10 per month in ATM fee reimbursement with their interest checking account
- Consumers Credit Union – offers unlimited ATM reimbursement provided you make a certain number or purchases and deposits each month (varies by account)
- Lake Michigan Credit Union – offers up to $15 per month in ATM fee reimbursements provided you make a certain number of deposits each month
With so many different online banking options available to you offering free ATM usage no matter where you go, there is no reason to stick around your old bank and pay fees for accessing your own funds. You can bank online by mobile depositing and direct depositing your funds, you can access your money free of charge and you can do everything you did before, but at a lower rate and for fewer fees each month.
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