How to avoid ATM fees

We generally try to avoid cash payments here. But what’s even worse than missing out on credit card rewards on a cash purchase is not having the cash to make the purchase on hand and having to pay an ATM fee.

Here are five of the best ways to avoid those painful ATM fees.

plan ahead

It may seem obvious, but the best way to avoid paying an ATM fee is to be prepared for instances where you have to pay in cash. Then you can choose an option and have cash on hand when you need it instead of being surprised at the moment and frantically looking for an ATM nearby.

Think about your activities in good time. If you are going to an event that requires paid parking, be prepared that cash may be required. Similarly, your local county fair might accept credit cards for some things, but you know you want to make sure you have enough cash to pay for games and fried treats if they don’t.

Also, it’s always a good idea to have some emergency cash on you. Having a few twenties in your wallet is a great way to ensure you never get caught without cash and end up paying an ATM fee.

Related: Save on ATM fees abroad

Stay connected

If you know in advance that you will need cash, visiting an ATM on your bank’s network is probably the easiest option. If the ATM is on their network, your bank will not charge you for the off-network ATM. While you’re at it, stock up on a little more cash than you think you’ll need so you can have that emergency supply in your wallet.

For example, if you have a Chase debit card, you should find a Chase ATM to lower your fees. Conversely, if you use your Chase debit card to withdraw cash from a Bank of America ATM, you will be charged an off-network ATM fee.

Get cash back

If you don’t have an ATM on your bank’s network nearby, cashing in a store is another good option to avoid an off-network ATM fee. Just make a small purchase in a store, e.g. B. a pack of chewing gum and pay with your debit card.

At checkout, you can either notify the cashier or select the button on the self-checkout to request cashback. At this point, the process is similar to using an ATM: you simply request the amount of cash you need. Aside from the small purchase, you get your cash without having to pay any fees.

Use mobile payments

Sometimes you run out of emergency money and find that a merchant doesn’t accept credit cards. Before you run to an ATM, ask if they accept mobile payments. Sometimes a merchant can scan a card in your mobile wallet even if they don’t have a physical card reader. If that’s the case, setting up your mobile wallet can save you the cost of an ATM fee.

ATM fee refund

Some banks actually refund ATM fees, so opening an account with one of them is a good option. With one of these accounts, you can have a lot more peace of mind when you realize you need cash at the last minute.

If you want to go down that route, Schwab Bank’s High Yield Investor current account is a great option. In addition to refunding ATM fees for domestic purchases, this account is also great for spending abroad. Use the debit card linked to this account to avoid international transaction fees and ensure you are reimbursed for any international ATM fees. Also, this account has no minimum balance requirements or monthly fees.

Related: Accounts to Avoid Foreign ATM Fees

bottom line

Don’t insult injury if you have to pay cash for a purchase by also paying an ATM fee. Plan ahead and get cash from an ATM on your bank’s network or in a store to ensure you’re ready if you find yourself in a cash-only situation. Also, get your mobile wallet set up and consider opening a bank account that reimburses ATM fees. With these strategies, you should be able to avoid ever paying a fee for an off-network ATM.