I have never paid an ATM fee in my life. I have been charged ATM fees but never paid one. How is that possible? By having a bank account that either doesn’t charge one or that reimburses me for the ones I do get charged. Why should you care? On average, each out-of-network ATM transaction costs $4.69. Let’s say you go once every two weeks to be conservative. That’s $121.94 a year in just fees that you don’t have to be subjected to AT ALL! And of course the more you use them, the greater the cost to you. Let’s fix this.

Choosing a Bank Account

An easy way to cross a bank off my list is if that bank will charge me just to have the account. Goodbye! Next would be if that bank charges me to use it’s own ATM machines. I don’t know how many banks still do this but I’m not in the habit of throwing away cash so they’d never find me.

Ok, so our bank account doesn’t charge to use its own ATMs. Now are the ATMs you have available to you accessible? If you can’t easily find an ATM when you need it, then it’s not for you. Because what will wind up happening is that you’ll use another ATM you can ACTUALLY get to and get charged a fee. That’s no bueno. Use their location finder to see how close an ATM is to your home and your job.

Ideally, you want a bank account that meets your banking needs for the least amount of money. For example, if you perform wire transfers, then factor that how much the banks you are looking at charges when making your decision.

But you already have an account…

Now, this doesn’t mean you have to get rid of your regular bank account. I primarily bank with Chase*. They are readily available around me IF I needed to get to an ATM to make withdrawals or deposits. However, if I need cash and there’s an ATM close to me that doesn’t belong to Chase, then I use my Ally ATM card.

Not only does Ally give you free access to Allpoint ATMs (HUGE network in the USA), but they also reimburse you up to $10/month for the ATM fees you do incur. So for the few times you just reaaaallllly don’t feel like finding a free ATM, you’re covered. I don’t keep a lot of money in that account because it’s sole purpose is to keep what I refer to as side money. To me, that means money I might need in a pinch. You can connect your accounts so that you can electronically transfer money between the two accounts. No need to physically go to the bank to move the money.

*If you use a referral link in this post to open a bank account, it may lead to you and I receiving a referral bonus.

Avoid ATM fees overseas

If you travel internationally, ATMs are one of the most cost-efficient ways to convert money for use overseas. Some banks have ATMs overseas that you can use for free. Others will reimburse those fees no matter what ATM you use. If international travel is important to you, then finding a bank that makes access to cash easy should also be important to you. This is a MUCH shorter list of banks but it can still be done. I used to use HSBC but recently I signed up for Charles Schwab‘s* checking account. You can use any ATM worldwide! That shoots this bank right to the top of the list for me.

To-Do List

• Does your bank account make it easy for you to access an ATM for free? If not, find one that does today! Make today the last day you pay an ATM fee.
• After this change, every time you don’t get charged a fee or you’re reimbursed by your bank, add that money to your emergency fund or invest it. Don’t talk yourself out of it by saying it’s too small of an amount because it simply isn’t.

Who do you bank with who’s fees bring you down? Share in the comments!

While you’re here, take a look at my post about how to avoid bank fees.

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