A surcharge-free ATM does not assess transaction fees for withdrawals. If you one to withdraw cash, you won’t have to worry about the ATM owner withholding a portion of your funds to cover the fee. This guide dives a bit more into ATM surcharges and how they work, along with a few key benefits of ATM banking.
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ATM Banking Benefits
There are some key advantages to ATM banking.
Fast Cash Access
You can get access to cash right away without having to visit a brick-and-mortar location. However, be mindful that financial institutions set daily limits on the maximum amount you can withdraw.
More Locations Than Bank Branches
There are far more ATMs than brick-and-mortar banks available nationwide. In fact, Allpoint has more than 55,000 surcharge-free ATMs throughout the U.S.
ATMs in most locations are accessible 24/7. So, you won’t have to panic or borrow funds from friends or relatives if you encounter an unexpected financial emergency or just need fast cash.
ATM Transaction Fees Vs. ATM Surcharges
Some ATM owners assess surcharge fees. You can also be subject to a transaction fee from your financial institution for making ATM withdrawals at out-of-network ATMs.
What Is The Average ATM Fee?
According to Bankrate, on average, consumers pay $4.59 to use out-of-network machines. This figure comprises two components – the out-of-network fee of $1.51 charged by the bank or credit union and the ATM surcharge of $3.08 charged by the owner of the ATM.
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How To Avoid ATM Fees
Avoid fees can be costly, but there are ways to keep the withdrawal fees to a minimum:
- Only use your bank or credit union’s ATMs to steer clear of surcharges and transaction fees.
- Ask your financial institution if they offer refunds on surcharge fees if you use an out-of-network ATM.
- If you’re unsure which banks you can use without incurring fees, be sure to inquire.
How to Find Fee-Free ATMs
Many banks and credit unions have ATMs at their physical location you can use to withdraw funds without incurring fees. But what happens when you’re on the go and need cash but can’t find a branch nearby?
That’s where an online platform and mobile banking app, like Current, comes in to save the day. Current is a financial technology company that provides banking services through Choice Financial Group, Member FDIC. It offers fee-free withdrawals at over 40,000 in-network Allpoint ATMs in the U.S. to its members, so you’ll never have to worry about surcharge fees and transaction fees again.
You can sign up for an account in less than 2 minutes to get started. Beyond fee-free ATMs, you’ll enjoy several benefits, like fee-free mobile banking, faster direct deposit, cashback rewards and overdraft protection. Plus, you’ll earn up to 4.00 percent APY on your savings.
Visit Current’s website to download the mobile app and open your account today! It’s available on Google Play and the AppStore.