How to avoid ATM fees

Around here, we generally try to avoid paying with cash to maximize credit card rewards. But sometimes, there is no other choice and you find yourself running to the nearest ATM to get cash. And if the ATM is not part of your bank’s network, you probably end up with a nasty ATM fee.

Tired of ATM fees eating into your account balance? Here are five ways to avoid them.

Plan ahead

It may seem obvious, but the best way to avoid paying an ATM fee is to plan ahead when you need to pay with cash. That way, you have time to access your money without charges, rather than being caught at the last minute while frantically searching for a nearby ATM.

Think about your activities in advance. If you are attending an event that requires paid parking, will they only accept cash? Likewise, if you are heading to the local county fair, they will probably accept credit cards for some things, but you may need cash to pay for games or snacks.

Also, it’s always a good idea to carry some cash with you for emergencies. Keeping a few twenties in your wallet is a great way to ensure you never run out of cash and have to pay an ATM fee.

Related: Tips to save on ATM withdrawals abroad this summer

Stay online

If you know you need to get cash, going to an ATM in your bank’s network is probably the easiest option. Your bank won’t charge you an out-of-network ATM fee if the ATM is in their network. While you’re there, take out a little more cash than you think you’ll need so you have that emergency stash in your wallet.

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

Get a cash refund

If you request cash back when you make a purchase in a store, you won’t be subject to an out-of-network ATM fee. Simply make a small purchase, like a pack of gum, and pay with your debit card.

At the checkout, you can tell the cashier or select the appropriate button on the self-checkout to request cash back. Then, the process is like an ATM: you simply request the cash back amount you want. Aside from your small purchase, you get the cash you need without any fees.

Using mobile payments

What if you’re short on emergency cash and find a merchant doesn’t accept credit cards? Before you run to the 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.

In that case, setting up a mobile wallet can save you the cost of ATM fees.

Get your ATM fees refunded

Some banks will refund ATM fees you’ve incurred on your checking account. It’s worth considering if you’re looking for a new bank. The feature can provide peace of mind when you need cash at the last minute.

For example, the Schwab Bank High Yield Investor Checking Account reimburses ATM fees on domestic purchases.

The account is also useful when spending abroad. There are no foreign transaction fees and you will be reimbursed for any international ATM fees you have incurred. Additionally, the account has no minimum balance requirements or monthly maintenance fees.

In conclusion

It is a good idea to avoid out-of-network ATM fees when you need cash. To ensure you are prepared for situations where you only need to use cash, plan ahead and get cash from an ATM in your bank’s network or through cash back from a retail store.

Setting up your own mobile wallet or opening a bank account that reimburses ATM fees are also good options. With these strategies in place, you should be able to avoid paying an out-of-network ATM fee.

Related: Best Checking Accounts to Avoid ATM Fees