Read on for six tips on finding fee-free ATMs near you, or avoiding paying ATM fees every time you need cash.
Stick to no-fee ATMs within your bank’s network
The first way to avoid paying ATM fees is to look for a machine that doesn’t charge one. But, the question is, how do you know what ATMs don’t charge ATM fees?
The answer is simple: start by looking for an ATM your bank owns or is part of its network. In most cases, these machines will not charge you anything, regardless of your transaction. That said, you should be aware that some banks only allow a certain number of free transactions or operations.
However, this brings up an obvious question: how do you know which ATMs belong to your bank, and where can you find them? Fortunately, many tools can help you find those ATMs near you.
ATM locator
Most mobile banking apps today come with an ATM locator feature that will detect your location and show you where the bank’s nearest ATM is. Using your bank’s ATM locator will help you avoid paying ATM fees even if you’re in an unfamiliar area.
Online maps
If your bank doesn’t have an ATM locator, you can use online maps like Google Maps or Apple Maps to look for your bank’s nearest ATM. It’s as simple as opening the app and quickly searching for key phrases like “no fee ATM near me.” It also helps to add your bank’s names as part of the phrase.
Get reimbursements from your bank
No bank has ATMs everywhere, so, sometimes, you’ll have no choice but to use whatever machine is available. To help their customers when they’re in this tricky situation, some banks will reimburse ATM fees from other banks or non-partner networks up to a limited amount. This way, you can use any ATM in case of emergency for free.
To make this work, your bank monitors your monthly transactions and will detect any ATM fee that shows up on your balance. Then, they will add up all the fees and reimburse you (within a set limit). Usually, the reimbursement will appear on your account next billing period. Only some banks offer this benefit, though, so it’s worth contacting yours to see if they do.
This set-up works well when you only use external ATMs occasionally. However, if you expect to use different ATMs regularly, there’s still a way you can do so without paying ATM fees.
Get an account with an online-only bank
Online-only banks are banks that have no physical branches and that you can only access through the internet. These banks save a ton of money on costs, allowing them to offer lower interest rates and lower fees in general.
These banks don’t usually own any ATMs. Therefore, to provide fee-free ATM services to customers, many online-only banks reimburse all ATM fees, no questions asked, and with no limits. Some only-online financial institutions partner with retailers and other locations to offer fee-free ATM services. Chime’s ATM network includes 60,000+ fee-free ATMs at stores like 7-Eleven, CVS, Walgreens, Circle K, and more.
Get cashback from retail stores
A clever way to avoid ATM fees is by forgoing the ATM entirely. If there are no fee-free ATMs nearby, but there’s a grocery or a pharmacy, you can purchase something with your debit card and ask for a cashback.
Most stores allow $20 to $50 cashback, but some offer up to $100. The store will charge your debit card for the cashback and the item you’ve purchased without charging extra fees.
The only downside is that you must buy something from the store to ask for cashback, but if it’s something you need, all the better.
Use your debit card for group expenses in exchange for cash
We’ve all been in this situation: you’re out for a meal with a group of friends, the check comes, and you either have to split the bill between a stack of cards or some people have to pay cash. This is a great opportunity for you to help simplify the group payment process and get some cash. Offer to put the full bill on your card and pocket the cash your friends contributed. Avoid ATM fees and be the most popular friend at the table!
If some of your friends don’t have cash, they can use Pay Anyone to send you their share.
Avoid ATMs and start going cashless
Though the world is far from going cashless, you can avoid using ATMs by avoiding using cash when possible. Besides avoiding ATM fees, this also brings other benefits. For example, by paying with debit cards, credit cards, or digital wallets, you’ll have a complete record of all your transactions, which you can use to improve your spending habits. Not to mention the convenience of not carrying cash with you all the time.
You can also use these payment channels to earn loyalty points and rewards, avoiding fees and earning extra money.
Why spend your money on ATM fees when you can use other options that can potentially bring you more benefits?
