How to Avoid ATM Fees

Here, people usually avoid paying in cash in order to maximize credit card rewards. But sometimes, there is no other choice and you end up running to the nearest ATM to withdraw money. And if the ATM is not part of your bank’s network, you may have to pay annoying withdrawal fees.

Tired of ATM fees eating into your account balance? Here are five ways to avoid them.

Plan Ahead

It may seem obvious, but the best way to avoid paying ATM fees is to plan ahead for when you’ll need to pay cash. That way, you’ll have time to access your cash without fees rather than being caught out at the last minute while frantically searching for a nearby ATM.

Think about your activities in advance. If you’re attending an event that requires paid parking, will they only accept cash? Similarly, if you’re going to your local county fair, they’ll probably accept credit cards for some things, but you may need cash to pay for games or snacks.

Additionally, it’s always a good idea to carry some cash in case of emergencies. Keeping a few twenty dollar bills in your wallet is a great way to ensure you never find yourself without cash and having to pay ATM withdrawal fees.

Related: Tips for Saving on ATM Withdrawals Abroad This Summer

Stay in the network

If you know you need cash, going to an ATM in your bank’s network is probably the easiest option. Your bank won’t charge you an out-of-network withdrawal fee if the ATM is part of their network. While you’re there, withdraw a little more cash than you think you’ll need so you can have that emergency stash in your wallet.

For example, if you have a Chase debit card, you’ll need to find a Chase ATM to avoid the fee. Conversely, if you use your Chase debit card to withdraw money from a Bank of America ATM, you’ll be charged an out-of-network withdrawal fee.

Get Cash Back

If you request cash back on an in-store purchase, you won’t be subject to out-of-network ATM fees. Just make a small purchase, like a pack of gum, and pay with your debit card.

When it’s time to check out, you can either tell the cashier or select the appropriate button on the self-service checkout to request a refund. At this point, the process is similar to that of an ATM: simply request the amount of money you want to refund. In addition to your small purchase, you get the money you need without any fees.

Use mobile payments

What happens if you run out of cash and realize that a merchant doesn’t accept credit cards? Before you rush to an ATM, ask if they accept mobile payments. Sometimes, a merchant can scan a card into your mobile wallet even if they don’t have a physical card reader.

If so, setting up your mobile wallet can save you ATM fees.

Get your ATM fees reimbursed

Some banks will reimburse you for ATM withdrawal fees you incur on your checking account. This option is worth considering if you’re looking for a new bank. This feature can give you peace of mind when you need cash at the last minute.

For example, Schwab Bank’s High Yield Investor checking account reimburses ATM fees on domestic purchases.

The account is also useful for spending abroad. There are no foreign transaction fees, and you will be reimbursed for any international ATM fees you incur. Additionally, the account does not require a minimum balance or monthly maintenance fee.

In conclusion

It is advisable to avoid out-of-network withdrawal fees when you need cash. To ensure you are prepared for situations where you can only withdraw cash, plan ahead and withdraw cash from an ATM in your bank’s network or through a cash withdrawal at a retail store.

Setting up your mobile wallet or opening a bank account that reimburses ATM withdrawal fees are also good options. With these strategies, you should be able to avoid paying out-of-network ATM withdrawal fees.

Related: The Best Checking Accounts to Avoid ATM Fees