Buzz
ATM fees have surged over five percent in the past year. According to a recent report from Bankrate, the average cost for using an out-of-network ATM is now $4.35 per transaction. It's steep, but there’s good news—many banks offer reimbursements for these fees.
While online-only banks typically save on operating costs, allowing them to offer ATM fee refunds, several traditional banks also offer this perk. We've compiled a list of banks and credit unions that waive out-of-network ATM fees.
Note: The policies for accounts and other fees at these banks can differ. For example, some may require maintaining a minimum balance. Here, we’re only focusing on ATM fee policies, so make sure to check each account type for further details.
Digital Banks
Ally Bank: Ally, a popular online bank, offers a clear policy on ATM fee reimbursements for checking account holders: "We don’t charge for using any ATM nationwide, and we’ll refund fees charged by other banks." Reimbursements are made at the end of each month.
Everbank: Everbank has a similar policy to Ally's. They refund ATM fees from other banks at the end of the month. However, there's a condition: you must maintain an average daily balance of $5,000.
E*Trade Bank: E*Trade offers a straightforward ATM refund policy for Max-Rate Checking customers. For other account holders, the following guidelines apply:
- - E*Trade Money Market and Independent Checking Account holders qualify for ATM fee reimbursements if they maintain an average monthly balance of $5,000 or more.
- You can also qualify if you have a combined balance of $50,000 across linked E*TRADE Securities, E*TRADE Bank, and employee stock plan accounts.
- Finally, executing 30 trades per calendar quarter in your Securities account also makes you eligible for refunds.
FNBO Direct: As the online division of First National Bank of Omaha, FNBO Direct offers reimbursements for the first four out-of-network ATM fees each month, provided you have $25,000 or more in a checking account, according to NerdWallet.
Bank of Internet USA: Their rewards checking account offers unlimited ATM fee reimbursements, with the refund credited to your account by the following day.
Chesapeake Bank: The online-only "Clear Sky" checking account allows you to waive up to $20 in ATM fees each month.
Charles Schwab's High Yield Investor Checking Account: Schwab offers unlimited ATM fee reimbursements, but only for cash withdrawals and only when you use their Schwab Bank Visa® Platinum check card.
Fidelity Cash Management Account: Fidelity provides same-day ATM fee refunds when you use their Visa Gold Check Card for this account.
Traditional Banks
First Republic Rebate Checking: With ATM Rebate Checking, you can receive reimbursements for all ATM fees.
Mechanics Bank: They provide several checking account options, and the ATM refund policy varies by account. For instance, their "Smart and Easy Checking" account offers unlimited refunds, though this policy doesn’t apply to ATMs in other countries or at "gaming establishments."
State Farm Bank: They offer ATM fee reimbursements up to $10 per statement cycle.
Chase Premier Platinum Checking: They reimburse the first five ATM fees charged by other banks.
Century Bank: Gold and Platinum accounts are eligible for ATM fee reimbursements. Platinum customers enjoy unlimited refunds, while Gold customers are capped at $15 per month.
EverBank: You can use out-of-network ATMs as much as you like, but your account balance must remain above $5,000.
USAA Secure Checking: Their policy states that they refund "up to $15 in ATM fees charged by other banks each month and don’t charge a fee for the first 10 ATM withdrawals."
Credit Unions
Credit unions typically don’t have many of their own ATMs. As a result, they often offer attractive reimbursement policies, according to Fox Business. Here are a few examples.
Connexus Credit Union: As reported by Kiplinger, MyRewards members are eligible for up to $25 in ATM fee refunds each month (within the U.S.), provided they join by becoming a member of their nonprofit.
Lake Michigan Credit Union: You can receive up to $15 in ATM fee refunds each month. If you’re not located in Michigan, you can still join by donating $5 to the West Michigan Chapter of the ALS Association.
Consumers Credit Union: Their Free Rewards Checking offers full ATM fee refunds, but there are four conditions you must meet:
Complete at least 12 Debit/Check Card purchases.
Make one direct deposit, automatic debit, or bill payment using their system every month.
Access their online banking at least once a month.
Sign up for eDocuments.
To join their union, simply make a one-time $5 donation.
Today, many banks offer appealing perks and benefits for their customers. However, it’s important to carefully review the fine print for any bank account or credit union. Institutions may have different minimum balance requirements or additional monthly fees.
