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How to Avoid ATM Fees: Tips from O1ne Mortgage

If you use an ATM, you might encounter two types of fees—surcharges from the ATM operator and out-of-network ATM fees from your bank. However, there are strategies to avoid these banking fees. O1ne Mortgage is here to help you navigate these options. For any mortgage-related needs, feel free to call us at 213-732-3074.

1. Use Only In-Network ATMs

Traditional banks, online banks, and credit unions typically offer a network of ATMs that customers can use without incurring ATM fees. Major brick-and-mortar banks often have fee-free ATMs at full-service branches and separate locations. For instance, Wells Fargo provides 12,000 free ATM locations nationwide, including both bank branches and standalone ATMs.

Some banks and credit unions offer an even larger network of fee-free ATMs, both in the U.S. and internationally. The Co-op ATM network, for example, provides credit union members with over 30,000 fee-free ATMs in the U.S. and more than 100 ATMs in other countries.

AllPoint is another popular ATM network that partners with banks and credit unions like Ally Bank, Discover Bank, and PenFed Credit Union. Using AllPoint ATMs means no operator surcharge fees, and partnering financial institutions won’t charge you an out-of-network ATM fee either. AllPoint has locations in the U.S., Canada, Puerto Rico, the United Kingdom, Mexico, and Australia. You can search for in-network ATM locations on your financial institution’s app or website.

2. Choose a Bank Account That Reimburses Out-of-Network ATM Fees

Another way to avoid or minimize ATM withdrawal fees is to sign up for a checking account that reimburses ATM fees. Some financial institutions reimburse all fees or cap ATM fee reimbursements to a certain amount, such as $15 per month. The ATM rebate is often automatically credited to your checking account at the end of the statement period, so you don’t have to take extra steps to get reimbursed.

For example, Axos Bank offers unlimited ATM fee reimbursements for domestic ATM withdrawals on checking accounts. Navy Federal Credit Union is another institution that reimburses up to $10 or $20 in monthly ATM fees, depending on the type of checking account you choose. Searching online for bank accounts that provide ATM fee reimbursements can help you find the best options.

3. Get Cash Back at a Store

Withdrawing from an ATM isn’t the only way to get cash. If you need cash to pay a dog sitter or leave a tip, you can request cash back when checking out at a store. Payment terminals at supermarkets, pharmacies, and big box stores often ask if you want cash back when paying with a debit card.

There may be limits to how much you can withdraw, and this method requires that you pay for at least part of your transaction with a debit card. Ensure there’s enough money in your account to cover both your purchase and the cash you receive back.

The Bottom Line

While digital payments are popular, there are times when you need physical cash. Whether you want to buy candy for a fundraiser or eat at a cash-only restaurant, using the ATM around the block might be convenient but costly due to out-of-network ATM fees and surcharges.

By logging into your banking app to search for fee-free ATM options, using a checking account that offers fee reimbursements, or getting cash back at a store, you can minimize ATM fees. For any mortgage-related needs, O1ne Mortgage is here to assist you. Call us at 213-732-3074 for more information.

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