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Even in the age of online banking, sometimes you still need cash — to pay back a friend or to have tip money for a night on the town — so you swing by an ATM. Depending on where you bank and what ATMs are nearby, you could pay much more than you need to when withdrawing money from your checking account. You could easily save money on fees if you plan ahead.
Quick Take: Bank ATM Fees
Small fees charged to your account can add up over time. Here are a few key takeaways about bank ATM fees:
- Automated teller machines, or ATMs, are for accessing cash and conducting banking transactions for products and services that require cash.
- If you are charged for using an ATM outside of your bank’s network, you can check with your bank or credit union to see if it will reimburse the ATM fees.
- Last year, the average price of bank ATM fees reached an all-time high of $4.73 per transaction. This was calculated by adding the average surcharge of $3.15 by ATM owners to the average $1.58 you’re charged by your bank for using an out-of-network ATM.
What Are ATM Fees?
An ATM fee is a convenience charge that typically occurs when you use an ATM that’s out of your bank’s network. Although your bank will typically provide a free ATM network or free access to your account, many independent ATM operators or ATM owners will charge a small fee for using the machine.
Types of ATM Fees
Three different types of ATM fees exist. These fees can all be incurred in one transaction.
Out-of Network Fee
When you use an ATM that’s outside of your bank’s network, your bank may charge your account an out-of-network. Fees can range from $2 to $6 depending on your location. Keep in mind that there will probably be an additional charge from the ATM operator.
ATM Operator Fee
An ATM operator fee of $3-$7 occurs when you use a ATM outside of your bank’s network. ATM operator fees are required by federal law to appear on the ATM’s screen or be posted on paper.
Foreign Transaction Fee
When completing a ATM transaction in a foreign country, you’ll incur a international transaction fee, which could be a flat fee, a percentage of the total withdrawal or both. International ATM fees are between $2 to $6 and may include a 3% fee on top.
ATM Fees at Major Banks
Typically you will not be charged for using your own bank’s ATMs but if you are in a pinch it’s good to know how much pulling out your own cash could cost you.
| Bank | Non-Network ATM Withdrawal Fee | Non-Network International ATM Withdrawal* |
|---|---|---|
| Bank of America, Member FDIC | $2.50 | $5.00 |
| Capital One | $2.00 | $2.00 plus 3% |
| Chase | $3.00 | $5.00 |
| Citi® | $2.50 | N/A |
| First Horizon Bank | Machine operator sets fee | Machine operator sets fee |
| Comerica Bank | $2.50 | $3.00 |
| Fifth Third Bank | $3.00-$3.50 | $5.00 |
| HSBC Bank | Machine operator sets fee | Machine operator sets fee |
| KeyBank | $3.00 | $5.00 |
| PNC Bank | $3.00 | $5.00 |
| Regions Bank | $3.00 | $5.00 |
| Santander | $2.00-$3.00 | $6.00 |
| TD Bank | $3.00 | 3% |
| Union Bank | $3.00 | Machine operator sets fee |
| Wells Fargo | $2.50 | $5.00 |
| Huntington National Bank | $3.00 | 3% |
| Frost Bank | Machine operator sets fee | Machine operator sets fee |
| Associated Bank | $3.50 | 3% |
*Your bank may charge an additional fee if your ATM withdrawal is in a foreign currency or takes place in a foreign country. For example, many banks charge a 3% foreign transaction fee.
Foreign Transaction Fees
Fees for international ATM withdrawals can be much higher, and banks often tack on additional foreign transaction fees that make foreign ATM withdrawals even more expensive.
Keep in mind that if the withdrawal is in a currency other than U.S. dollars, you’ll be charged an additional fee of 3% of the withdrawal. Contact your bank ahead of time if you plan to travel abroad to find out about foreign transaction fees that you might have to pay.
Which Banks Don’t Charge ATM Fees?
The best way to avoid ATM fees is to plan ahead, including using the internet to search the term “cheapest ATM fees near me” before you visit an ATM and opening accounts at banks with no ATM fees. Always read the fine print and ask questions; banks that do not charge ATM fees might have minimum balance requirements or only reimburse a certain amount of fees each month. The best option is to find a bank with a network of fee-free ATMs that are easily accessible to you so that you can save yourself a lot of money.
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How To Avoid ATM Fees
To minimize ATM fees, consider these strategies:
- Use in-network ATMs: Whenever possible, use ATMs within your bank’s network to avoid out-of-network fees.
- Check account terms: Review your account terms and benefits to see if your bank offers fee waivers or rebates for ATM transactions.
- Use partner ATMs: Some banks have partnerships or alliances that allow customers to use partner ATMs without incurring additional fees.
- Plan ahead: If traveling internationally, plan your cash needs to minimize the number of ATM withdrawals and associated fees.
- Consider fee-free alternatives: Explore fee-free banking options or digital wallets that offer fee-free ATM access.
Final Take To GO
Understanding ATM fees and knowing the ways to avoid getting charged for them can help you save money and make the most of your banking experience. Know your bank’s fee policies and explore alternatives to reduce unnecessary costs associated with ATM transactions.
FAQ
Here are the answers to some of the most frequently asked questions regarding ATM fees.
- What bank has the cheapest ATM fees?
- Though fees will vary depending on your location Capital One ATM fees were one of the cheapest ATM fees of the banks surveyed for using non-network ATMs. Frost Bank and Comerica Bank also charge $3 per withdrawal for non-network ATMs in the United States.
- How much does a bank charge for ATM transactions?
- Your bank will charge you a fee when you use an out-of-network ATM generally ranging between $2 to $6. The ATM owner or operator will also charge you an additional fee separately from this that will vary by location.
- How can I avoid ATM withdrawal fees?
- Here are some tips to avoid ATM withdrawal fees:
- If possible, use ATMs within your bank's network to avoid out-of-network fees.
- If traveling internationally, plan your cash needs to minimize the number of ATM withdrawals and associated fees.
- Consider fee-free banking options or digital wallets that offer fee-free ATM access.
- Some banks offer you reimbursem*nt for ATM fees so double check your checking account features as you may be able to get that money back.
- Here are some tips to avoid ATM withdrawal fees:
Cynthia Measom and Michael Keenan contributed to the reporting for this article.
Information is accurate as of June 20, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.
