How to Avoid ATM Fees and Save Money

Using an ATM can sometimes come with unexpected costs, including surcharges from the ATM operator and out-of-network fees from your bank. However, there are several strategies you can employ to avoid these fees and keep more of your money in your pocket. At O1ne Mortgage, we understand the importance of managing your finances wisely, and we’re here to help you navigate these challenges. For any mortgage service needs, feel free to call us at 213-732-3074.

Use Only In-Network ATMs

One of the simplest ways to avoid ATM fees is to use only in-network ATMs. Traditional banks, online banks, and credit unions typically offer a network of ATMs that customers can use without incurring fees. For instance, major brick-and-mortar banks like Wells Fargo have 12,000 fee-free ATM locations nationwide, including both full-service branches and standalone ATMs.

Some financial institutions provide an even larger network of fee-free ATMs, both domestically and internationally. For example, the Co-op ATM network offers credit union members access to over 30,000 fee-free ATMs in the U.S. and more than 100 ATMs in other countries. Similarly, the AllPoint network partners with banks and credit unions such as Ally Bank, Discover Bank, and PenFed Credit Union, offering fee-free ATM access in the U.S., Canada, Puerto Rico, the United Kingdom, Mexico, and Australia. You can easily find in-network ATM locations using your financial institution’s app or website.

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

Another effective way to avoid or minimize ATM withdrawal fees is to sign up for a checking account that reimburses out-of-network ATM fees. Some financial institutions offer unlimited ATM fee reimbursements, while others cap the reimbursements at a certain amount, such as $15 per month. These reimbursements are often automatically credited to your checking account at the end of the statement period, so you don’t have to take any extra steps to get your money back.

For example, Axos Bank offers unlimited ATM fee reimbursements for domestic ATM withdrawals on checking accounts. Navy Federal Credit Union also reimburses up to $10 or $20 in monthly ATM fees, depending on the type of checking account you have. By researching and comparing different bank accounts that offer ATM fee reimbursements, you can find an option that best suits your needs.

Get Cash Back at a Store

Withdrawing cash from an ATM isn’t the only way to get physical money. If you need cash for small transactions, such as paying a dog sitter or leaving a tip, you can request cash back when checking out at a store. Many payment terminals at supermarkets, pharmacies, and big box stores offer the option to get cash back when you pay with a debit card.

Keep in mind that there may be limits to how much cash you can withdraw using this method. Additionally, you’ll need to ensure that you have enough money in your account to cover both your purchase and the cash you receive back.

The Bottom Line

While digital payments are becoming increasingly popular, there are still situations where you may need physical cash. Whether you’re buying candy for a team fundraiser or dining at a cash-only restaurant, it’s important to be mindful of potential ATM fees. By using in-network ATMs, choosing a bank account that offers fee reimbursements, or getting cash back at a store, you can minimize these fees and keep more of your money.

At O1ne Mortgage, we are committed to helping you manage your finances effectively. If you have any questions or need assistance with mortgage services, don’t hesitate to call us at 213-732-3074. We’re here to help you achieve your financial goals.