Taylor Scott
ATM fees can add up quickly, especially when using out-of-network ATMs. Fortunately, some banks do not charge ATM fees, and some even reimburse you for fees charged by other ATMs. For example, Charles Schwab Bank offers unlimited rebates and does not charge foreign transaction fees, making it a great option for international travellers. Other banks that offer free ATM usage include Capital One, Axos Bank, and LendingClub. Additionally, some banks provide access to large ATM networks, such as Allpoint and MoneyPass, which offer surcharge-free withdrawals at thousands of locations. It's important to note that while some banks may waive their own ATM fees, they might not cover third-party fees charged by ATM operators.
| Characteristics | Values |
|---|---|
| Banks with free ATMs | E*TRADE, Capital One, EverBank, Schwab, Ally Bank, Chase Sapphire, Axos Bank, Connexus Credit Union, TD Bank, Betterment, PenFed Credit Union, LendingClub, Charles Schwab Bank |
| Number of fee-free ATMs | 43,000-85,000+ |
| ATM networks | Allpoint, MoneyPass, Capital One, Schwab, Chase |
| ATM fee reimbursements | Yes, up to a certain amount per month or for specific accounts only |
| Foreign transaction fees | May or may not be charged, depending on the bank |
| Monthly fees | May or may not be charged, depending on the bank and account balance |
| Overdraft fees | May or may not be charged, depending on the bank and amount |
| Non-sufficient funds (NSF) fees | May be charged for bounced checks |
| Paper statement fees | May be charged for non-paperless statements |
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What You'll Learn
Banks that offer free ATM withdrawals
When it comes to accessing your money, it's always good to know you have options. Many banks charge fees for using out-of-network ATMs, but there are some banks that offer free ATM withdrawals. Here are some banks that provide this service:
Capital One
Capital One offers fee-free access to over 70,000 ATMs through its own network and two third-party networks, MoneyPass and Allpoint. Capital One does not charge out-of-network ATM fees or foreign transaction fees when using a debit card overseas. However, it's important to note that Capital One does not reimburse fees charged by ATM operators at domestic or international ATMs.
Charles Schwab Bank
Charles Schwab Bank is known for offering excellent benefits for international travellers. They provide free access to any ATM worldwide and offer unlimited rebates on ATM fees, including foreign transaction fees. This makes it a great option for those who frequently travel and need access to cash abroad.
Axos Bank
Axos Bank is a strong choice for those seeking free domestic ATM access. While they do charge a 1% fee for international ATM withdrawals, they are part of the Allpoint and MoneyPass ATM networks, offering fee-free access to over 80,000 ATMs. Axos also reimburses up to $15 in out-of-network ATM fees each month, making it a cost-effective option for those who frequently use ATMs.
Ally Bank
Ally Bank provides its customers with access to over 43,000 no-fee Allpoint ATMs. Additionally, they reimburse up to $10 per month for out-of-network ATM fees, making it a convenient choice for those who may need to use ATMs outside of the Allpoint network.
E*TRADE
E*TRADE, an online brokerage and banking platform owned by Morgan Stanley Private Bank, offers free withdrawals from any ATM. Their Max-Rate Checking account provides unlimited ATM fee refunds worldwide, including foreign transaction fees. However, it's worth noting that this account has a monthly fee, which can be waived with a $5,000 average monthly balance.
These banks provide the benefit of free ATM withdrawals, allowing customers to access their money without incurring additional charges. It's always a good idea to review the specific terms and conditions of each bank to understand the full scope of their ATM fee policies and any other associated fees.
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Banks that reimburse ATM fees
ATM fees are among the most commonly charged banking fees and have hit a record high, with the average total ATM fee for using an out-of-network ATM reaching $4.77. Fortunately, many banks and credit unions are now making it possible for customers to withdraw cash without paying fees, and some banks reimburse out-of-network ATM fees.
Alliant Credit Union
Alliant Credit Union offers up to $20 per month in ATM fee rebates when you use the Alliant Visa debit card. The rebate is deposited into your checking account at the end of each day you are charged an ATM fee, excluding foreign transaction fees.
Ally Bank
Ally Bank is one of the top-rated banks and is known for charging very few fees on its accounts. It has no overdraft fees, incoming wire fees, or account maintenance fees, and it reimburses up to $10 per month in out-of-network ATM fees.
Axos Bank
Axos Bank offers unlimited domestic ATM fee reimbursements for its Essential Checking, Rewards Checking, and Cashback Checking accounts. For its Golden Checking account, which is designed for customers aged 55 and over, up to $8 in ATM fees can be reimbursed each month.
Charles Schwab High Yield Investor Checking Account
With a Charles Schwab High Yield Investor Checking account, customers receive unlimited ATM fee rebates worldwide, and the bank does not charge foreign transaction fees.
TD Bank Beyond Checking Account
With TD Bank's Beyond Checking account, customers can get unlimited out-of-network ATM fee reimbursements. However, a minimum balance of $2,500 in the account is required to qualify for these reimbursements.
EverBank
EverBank, formerly known as TIAA Bank, offers a checking account that gives up to $15 in ATM fee rebates each month, regardless of your bank balance. However, if you have an average daily balance of $5,000, you'll get unlimited reimbursement of ATM fees.
LendingClub
LendingClub customers with a LevelUp Checking account receive unlimited ATM fee reimbursements, which are deposited into their account at the end of each statement cycle.
Navy Federal Credit Union
Navy Federal Credit Union offers up to $10 in ATM fee rebates per statement cycle for its Free Easy Checking account. To be eligible for this account and receive rebates, members must either set up direct deposit or make at least 20 transactions each month.
Chase Sapphire Banking
Chase Sapphire Banking reimburses all ATM fees on non-Chase machines and does not charge any foreign transaction fees. However, it charges a $25 monthly service fee if you do not maintain an average daily balance of $75,000 or more across your Chase bank accounts.
Betterment Checking Account
Betterment offers a checking account that stands out from others by reimbursing all ATM fees.
These banks provide customers with the benefit of withdrawing cash without incurring additional fees, which can help save money and make everyday transactions more affordable.
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Banks with large ATM networks
When it comes to banks with large ATM networks, there are a few options to consider. Firstly, Chase is one of the largest national banks in the US, with over 4,700 branches and 15,000-16,000 free ATMs throughout the country. Chase Sapphire Banking is a strong option for avoiding ATM fees, although it does charge a $25 monthly service fee unless you maintain a high account balance.
Another bank with a large ATM network is Capital One, which offers fee-free access to over 70,000 ATMs, including its own bank-owned ATMs and those in the MoneyPass and Allpoint networks. Capital One does not charge out-of-network ATM fees or foreign transaction fees when using a debit card overseas.
For those seeking an online bank with a large ATM network, Axos Bank is a good option. Axos provides unlimited ATM fee reimbursements, although it does charge a 1% fee for international ATM withdrawals and debit card purchases.
EverBank is another online bank that offers fee-free access to over 80,000 ATMs through the Allpoint and MoneyPass networks. EverBank also provides reimbursements of up to $15 in out-of-network ATM fees each month, with no limit on reimbursements for accounts with average daily balances of $5,000 or more.
Lastly, Charles Schwab Bank is known for its international ATM access, offering unlimited refunds for ATM fees worldwide and no foreign transaction fees.
In addition to these banks, it's worth considering local credit unions and community banks, which often participate in shared ATM networks like Allpoint and MoneyPass, providing access to a large number of fee-free ATMs.
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Banks that don't charge foreign transaction fees
When you use an ATM that is not affiliated with your bank, you are usually charged a fee by both your bank and the ATM operator. This fee is known as an ATM fee and is typically around $15. However, some banks offer accounts with no ATM fees, and some even reimburse you for any ATM fees charged by other banks or operators.
Foreign transaction fees are incurred when you use your debit or credit card to make purchases or withdraw money from an ATM outside of your home country. This fee is typically around 3% of the transaction amount. However, some banks and credit card companies offer accounts or cards with no foreign transaction fees, which can be beneficial if you travel frequently or make international purchases.
Charles Schwab Bank
The Schwab Investor Checking Account™ is ideal for investors as it seamlessly connects with a brokerage account. It offers no monthly fees, no minimum balance requirements, and unlimited ATM fee reimbursements worldwide. It also does not charge any foreign transaction fees, making it a great option for frequent travellers.
Capital One
Capital One offers its 360 Checking account with no monthly, minimum balance, or overdraft fees. This account also has no foreign transaction fees, allowing you to use your debit card outside the US without incurring extra costs. Capital One provides fee-free access to over 70,000 ATMs, including its own bank-owned ATMs and third-party networks like MoneyPass and Allpoint.
Bank of America
Bank of America offers credit cards with no foreign transaction fees. They also provide benefits and rewards on their Preferred Rewards program for everyday banking and investment accounts.
E*TRADE
E*TRADE, an online brokerage and banking platform, offers the Max-Rate Checking account with unlimited ATM fee refunds worldwide and refunds for foreign transaction fees. However, this account has a monthly fee, which can be waived with a $5,000 average monthly balance.
Chase
Chase Sapphire Banking is a good option for avoiding foreign transaction fees. It provides access to 15,000 Chase ATMs and over 4,700 branches. While there is a $25 monthly service fee, it can be waived by maintaining an average daily balance of $75,000 across your Chase bank accounts.
By choosing one of these banks or credit card options, you can avoid foreign transaction fees and save money when travelling internationally or making purchases in foreign currencies.
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Banks with no monthly maintenance fees
When it comes to banks with no monthly maintenance fees, there are a few options to consider. Firstly, SoFi Checking and Savings accounts stand out for offering no account, service, or maintenance fees. SoFi also provides early access to your paycheck with direct deposit and no-fee overdraft coverage up to $50 for members with at least $1000 in monthly direct deposits.
Ally Bank is another great option, with no monthly maintenance or overdraft fees. They provide access to over 43,000 no-fee Allpoint ATMs and reimburse up to $10 per month for out-of-network ATM fees. Additionally, students aged 17-24 enrolled in college or vocational school can benefit from a $0 monthly service fee.
Axos Bank is also worth considering, as it offers no monthly maintenance fees, overdraft fees, or minimum monthly balance requirements. They provide unlimited domestic ATM fee reimbursements, making it ideal for those who frequently use out-of-network ATMs.
For those seeking a physical bank, Chase Bank is a good option. While it typically charges a $12 monthly service fee, this can be waived for students aged 17-24 or by maintaining a minimum balance of $1500 in your checking account. Chase has the largest branch network in the US, with over 4700 branches and access to more than 15,000 ATMs.
Lastly, for international travelers, Charles Schwab Bank stands out. While it may not offer high-interest rates, it provides unlimited refunds for ATM fees worldwide and does not charge foreign transaction fees.
In summary, these banks offer no monthly maintenance fees, each with its unique features, catering to different needs, such as early paycheck access, extensive branch networks, or international travel perks.
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Frequently asked questions
Capital One, Axos Bank, Charles Schwab Bank, and Alliant Credit Union are some of the banks that offer free ATMs.
Yes, Charles Schwab Bank offers free access to ATMs worldwide and refunds any ATM fees charged.
No, you will not be charged a fee when using an in-network ATM.
Capital One has over 70,000 fee-free ATMs and also offers face-to-face interactions at over 450 locations.
Yes, credit unions like Connexus Credit Union and PenFed Credit Union offer access to free ATMs.
