Four Ways To Beat ATM Fees
Use these four strategies to avoid paying annoying ATM fees.
When you use an out-of-network ATM, you may be hit with a double whammy when it comes to fees, facing charges from both your bank and the ATM operator. In fact, a recent survey from Bankrate found that on average, you’ll pay a record-high $4.73 in total fees for an out-of-network transaction.
Want to hold on to that cash? Here are some tips for getting around those pesky fees.
Four ways to beat the fees
One way to beat the fees is to use ATMs within your financial institution’s network. Your bank may operate its own machines, participate in a broad network such as Allpoint or MoneyPass, or both.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Citibank customers, for example, can withdraw cash fee-free from machines at Citi branches as well as at MoneyPass ATMs. Customers of Ally Bank, an online institution, can make surcharge-free withdrawals from ATMs in the Allpoint network.
Another option is to sign up for a checking account that reimburses out-of-network fees. TD Bank, for example, refunds such charges (and waives its monthly maintenance fee) if you have a minimum of $2,500 in its Beyond Checking account Online bank Axos Bank reimburses ATM fees with its Essential, Rewards and CashBack checking accounts — and the accounts charge no monthly fees.
A third trick: While you’re shopping, see whether you can get cash back at checkout when you make a purchase with your debit card. Target and Lowe’s, for example, allow this. This option usually comes with no fee, but stores commonly impose a limit of $40 to $50 per transaction.
If triggering out-of-network fees is unavoidable, consider withdrawing larger amounts of cash at each ATM visit to reduce the number of withdrawals you make and the amount of the fees you pay. If you need only $20 now, for example, take out $100 and save the extra money for later.
Bottom line
Planning is the key to avoiding ATM fees. While most merchants take credit and debit cards, there are times when only cash is accepted. Make note of these expenses and set a reminder to get some cash at your bank’s ATM or get cash back when you make a purchase. You could also use a petty cash box to keep some money around for those days when you are short on time and can’t make it to the bank.
Note: This item first appeared in Kiplinger's Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.
Related Content
-
4 Great Tools to DIY Your Own Financial PlanSmart Savings Several tools picked out by Kiplinger that DIYers can use to make their own financial plan.
-
The 7-Month Deadline That Sets Your Lifetime Medicare PremiumsUnderstanding Medicare enrollment is crucial, as missing deadlines can lead to permanent late enrollment penalties and gaps in coverage.
-
Retirees Living in Portugal: You Need a Post-NHR Tax StrategyWhen your 10-year Non-Habitual Resident tax break ends, you could see your tax rate soar. Take steps to plan for this change well before the NHR window closes.
-
4 Great Tools to DIY Your Own Financial Plan
Smart Savings Several tools picked out by Kiplinger that DIYers can use to make their own financial plan.
-
Should You Renew Your CD?With rate cuts impacting earnings, we examine if now is a wise time to renew CDs.
-
21 Money Moves Smart People Are Making Before 2026These steps can help trim your tax bill, boost your savings, lower your health care costs and set you up for financial success in 2026.
-
Giving Tuesday 2025: 'Every Small Act Makes a Major Difference'GivingTuesday encourages generosity in any form, from donating to charity to helping your neighbors.
-
How to Position Your Portfolio for Lower Interest RatesThe Federal Reserve is far from done with its rate-cutting regime. This is how investors can prepare.
-
Moves to Manage the Soaring Costs of Owning a CarIt's costing more and more to keep a car on the road, but you can drive some costs down. Here's how to get a better deal on insurance premiums, repairs and gas
-
5 Simple Fixes to Save on Heat Bills This WinterWith fuel prices expected to rise 10% or more this winter, making your home more energy efficient will really pay off.
-
Why It's Worth Booking a Winter VacationTravel Smart In the early months of the year, travel demand dips — and so do prices.
