Sometimes you 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 end up paying much more than you need to when withdrawing your money. But you could save money on fees if you plan ahead.
Here’s what you need to know to avoid paying too much for ATM fees.
How Much Are ATM Fees?
In a review of 30 banks and their ATM fees, GOBankingRates found that $2.52 is the average fee for using a non-network ATM in the United States without foreign transaction fees. Read on to learn about the banks with the highest and lowest ATM fees, check the table to see what your bank charges and learn how you can avoid ATM fees altogether.
ATM Fees at Major Banks
Capital One ATM fees were the cheapest ATM fees of the banks surveyed as it’s one of the banks that don’t charge any ATM fees for using non-network ATMs. Union Bank, Frost Bank, and Iberia Bank all charged $2 per withdrawal for non-network ATMs in the United States, and all other banks charged at least $2.50. Several banks tied for the highest charge: BB&T, First Tennessee Bank, M&T Bank, PNC Bank, Santander, SunTrust, Huntington National Bank all charged $3 per non-network ATM withdrawal.
Many of the major banks charge the same rates. For example, Bank of America ATM fees, Chase ATM fees and Wells Fargo ATM fees are all the same: $2.50 for non-network ATM withdrawals in the U.S. and $5 for non-network ATM withdrawals outside the country. US Bank ATM fees are $2.50 for both U.S. and international ATM withdrawals.
|ATM Fees at Major Banks|
|Bank||Non-Network ATM Withdrawal Fee||Non-Network International ATM Withdrawal*|
|Bank of America||$2.50||$5.00|
|BBVA||$2.50||$2.50 and 1%|
|First Tennessee Bank||$3.00||$3.00|
|Fifth Third Bank||$2.75||$5.00|
|M&T Bank||$3.00||Larger of $5.00 or 3%|
|Huntington National Bank||$3.00||3%|
|Bank of the West||$2.50||$2.50|
|City National Bank||$2.50||$2.50|
|People’s United Bank||$2.95||$2.95|
|First National Bank of Pennsylvania||$2.50||$2.50|
|Information accurate as of Jan. 23, 2018. *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 percent 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. For example, Santander Bank’s base fee for a foreign ATM withdrawal is $6 — double its fee in the United States — plus you’ll pay an extra 3 percent fee. A $100 ATM withdrawal from Santander in a foreign country could end up costing you $9.
Similarly, with Chase, the fee for foreign ATMs is $5, double its typical $2.50 rate. Plus, if the withdrawal is in a currency other than U.S. dollars, you’ll be charged an additional fee of 3 percent of the withdrawal. Chase International ATM fees could total $5 plus 3 percent of the transaction. 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. For example, USAA, which is an online-only bank, reimburses up to $15 in out-of-network ATM fees per month since it doesn’t offer ATMs of its own. The best option is to find a bank with a network of fee-free ATMs that are easily accessible for you, so that you can save yourself a lot of money.
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