4 Surefire Ways To Avoid Costly ATM Withdrawal Fees

ATM  Fees

Although more companies have begun accepting electronic payment options, cash is still a go-to method for many companies. If a person is at a cash-only venue, they need a way to get “cold-hard cash” in their hands. And usually, that’s in the form of an ATM that will charge fees. Financial institutions, on average, charge $2.01 for out-of-network ATM withdrawals. It’s about 2.75 for the average ATM surcharge.

However, for folks who don’t want to pay the fees for an ATM withdrawal, there are four potential ways to get past them.

Find Out If Digital Wallets Are Accepted

If you know the location you are going visit, do some research. If you’re going to a county fair, concert or other event, look at their websites to see what the payment options are before you remove cash from your bank. You can also find out if the vendor accepts Android Pay or Apple Pay programs if you’d rather not using cash.

Find An In-Network ATM

There may be times when cash is a must, but you should find an in-network ATM. A majority of banks and credit unions have free ATM networks; it doesn’t matter if their brand or a shared network one like Co-Op, MoneyPass and Allpoint. Be sure to find the closest in-network ATM by using the bank’s ATM locator.

Cash Back At Store Checkouts

If there are no nearby ATMs, you can also go to a well-known retailer like Wal-Mart, Kroger or any other store for cash. These stores will provide you a no-fee cash back options when you purchase products at the store using your debit card. When the device asks you debit or credit, choose credit to attain cash back. Enter your four digital personal ID number to attain the requested amount back. Cash back isn’t typically available with credit cards.

Pick A Financial Institute That Refunds ATM Fees or Has Large Network

If the fees from your bank and the ATM are crushing your wallet, you may want a new bank. There are some financial institutions that offer refunds on ATM fees – some for up to $15 and some unlimited. Do your research to find out what banks offer this type of service.

You may also want to look for larger banks that have more ATMs. If you travel, you want banks that don’t impose foreign debit card transaction fees.

When you pay ATM fees, you’re just throwing money into the wind. However, with a little bit of research, you can keep more of that money in your pocket and pay for things you want or need to pay for without those fees.

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