How To Save On Paying ATM Fees

Depending on how many ATM (automated teller machine) transactions you make in a month, the ATM withdrawal fees can add up fast. Although ATM access to cash offers convenience, with ATM fees on the rise, it can't hurt to look for ways to avoid paying out more cash in fees than you have to.

Fee-Saving Options to Pursue

  1. Your Bank's ATM Machine

    Withdraw money from an ATM machine owned or operated by the bank or credit union with which you have the account. Many financial institutions offer account holders unlimited no-fee ATM withdrawals from their checking accounts. Consequently, having a home ATM near where you live or work can save you money on fees.

  2. Online-Only Accounts

    Bank with an online-only financial institution. Online-only banking services generally waive the fees for ATM withdrawals since there are no physical bank branches where you can go to withdraw money from your account. For the same reason, online-only banks often rebate account holders non-bank ATM fees.

  3. Affiliated ATMs

    Make withdrawals from an ATM owned by a financial institution affiliated with your bank or credit union. Otherwise, out-of-network ATM fees can put a dent in your wallet. In an effort to remain competitive, small credit unions and community banks often partner with larger, nationally-known financial institutions to give account holders wider access to their money. This allows you to make withdrawals from ATMs that belong to those institutions at no fee.

  4. ATM Networks

    An ATM network gives you better accessibility to the money in your checking account as well. The bigger your bank's or credit union's network, the better, especially if you travel. Many financial institutions list their ATM networks and ATM locations on their websites.

  5. Rewards Checking Account

    Find out if your bank or credit union offers a rewards checking account, which often gives ATM rebates as a feature of the account. Your financial institution may charge no fee for withdrawing funds from a rewards checking account. You may even get reimbursed fees other banks or credit unions charge you for using an ATM not affiliated with the bank or credit union where you have the account.

    When you do have to pay ATM fees, the fees normally include the charges your financial institution pays to the company that owns the ATM for allowing you to make the transaction. That charge is then passed on to you. The business location hosting the ATM also may charge you a fee, which it generally applies toward the cost of maintaining the ATM machine.

  6. Student Checking Account

    Open a student checking account. Free checking accounts for college students often require no minimum balance, don't charge monthly service fees, and allow a limited number of free ATM withdrawals from the account each month.

For more information about ATM services, contact NCATM Associates LLC or a similar company.

About Me

Choosing The Right Financial Services Company

After I started having financial trouble a few years ago, I realized that it might be time to start thinking about taking out a loan. I started looking around and evaluating my options, and it was amazing to find a great company in my local town. I was able to borrow money for a low interest rate and then pay them back without any problems. They even offered me the opportunity to refinance the loan when I ended up in trouble, which really made things easier. This blog is all about knowing what to look for in a financial services company, so that you can repay your debts.

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