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How to Avoid ATM Fees and Manage Your Cash Withdrawals

ATM fees can be a frustrating expense, especially when you need quick access to cash. At O1ne Mortgage, we understand the importance of managing your finances efficiently. In this article, we’ll explore various strategies to help you avoid ATM fees and make the most of your cash withdrawals. Whether you’re a frequent traveler or just need cash for everyday expenses, these tips will help you save money and stay financially savvy.

1. Use Only In-Network ATMs

One of the simplest ways to avoid ATM fees is to use in-network ATMs. Traditional banks, online banks, and credit unions typically provide a network of ATMs that customers can use without incurring fees. For example, Wells Fargo offers 12,000 fee-free ATM locations nationwide, while the Co-op ATM network provides credit union members with over 30,000 fee-free ATMs in the U.S. and more than 100 ATMs internationally.

AllPoint is another popular ATM network that partners with banks and credit unions, such as Ally Bank, Discover Bank, and PenFed Credit Union. When using AllPoint ATMs, there’s no operator surcharge fee, and partnering financial institutions won’t charge you an out-of-network ATM fee either. You can easily search for in-network ATM locations on your financial institution’s app or website.

2. Choose a Bank Account That Reimburses Out-of-Network ATM Fees

Another effective way to avoid or minimize ATM withdrawal fees is to sign up for a checking account that reimburses ATM fees. Some financial institutions reimburse all fees, while others cap ATM fee reimbursements to a certain amount, such as $15 per month. The ATM rebate is often automatically credited to your checking account at the end of the statement period, so you don’t have to worry about taking extra steps to get reimbursed.

For example, Axos Bank offers unlimited ATM fee reimbursements for domestic ATM withdrawals on checking accounts. Navy Federal Credit Union is another example of a financial institution that will reimburse up to $10 or $20 in monthly ATM fees, depending on the type of checking account you sign up for. Doing a search online for bank accounts that provide ATM fee reimbursements can help you shop for different options.

3. Get Cash Back at a Store

Drawing from an ATM isn’t the only way to add cash to your wallet. If you need cash to, say, pay a dog sitter or leave a tip, you could request cash back when checking out at a store. Payment terminals at supermarkets, pharmacies, and big box stores may ask if you want cash back when paying with a debit card.

There may, however, be limits to how much you can draw. Additionally, using this method requires that you’re paying for at least part of your transaction with a debit card, so it’s important that you ensure there’s enough money in your account to cover both your purchase and the cash you receive back.

The Bottom Line

While paying digitally is a popular way to exchange money, there could be instances where you need physical cash. Maybe you want to buy candy for a team fundraiser or you want to eat at a cash-only restaurant. Going to the ATM around the block might be convenient, but it could also be costly when you factor out-of-network ATM fees and surcharges into the equation.

Logging into your banking app to search for fee-free ATM options, using a checking account that offers fee reimbursements, or getting cash back at a store are ways to get money while keeping ATM fees to a minimum.

Contact O1ne Mortgage for Your Mortgage Service Needs

At O1ne Mortgage, we are dedicated to helping you manage your finances effectively. If you have any mortgage service needs or questions, don’t hesitate to call us at 213-732-3074. Our team of experts is here to assist you with all your mortgage-related inquiries and provide you with the best solutions tailored to your needs.

Thank you for choosing O1ne Mortgage. We look forward to working with you and helping you achieve your financial goals.

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