How much are ATM fees?
In This Article:
Key takeaways
-
ATM fees have risen by 1.5% over the past year, averaging $4.73 per transaction, according to Bankrate data.
-
These fees are a combination of charges from the bank and the ATM's owner.
-
Strategies to avoid ATM fees include staying within a bank's ATM network, using mobile banking services, or choosing an online bank that offers a large ATM network or reimburses ATM fees.
Automated teller machines have evolved since the 1970s, when banks began to introduce them on a wide scale. As of 2021, there are over 212 ATMs for every 100,000 people in North America, according to The World Bank.
Over time, ATMs have evolved to do much more than just dispense cash. You can deposit checks or cash, transfer funds between accounts, get account balance information and pay bills. There are even some cardless ATMs, which can be used with a virtual card or a mobile banking app.
Transacting at an ATM could come with a couple of charges, though. The total charge will depend on where you bank and what ATM you’re using. Here’s a breakdown of those charges.
What are bank ATM fees?
Most banks and credit unions have a network of ATMs that offer free access to your money. But if you go outside of the network, a fee may be imposed, including:
-
ATM operator fee. Also known as the surcharge, an operator fee is charged by the ATM owner to noncustomers using its ATMs. ATM owners could be a different bank, a business unrelated to banking or even an individual investor looking to earn passive income.
-
Your bank’s out-of-network fee. If you use an ATM machine outside of your bank’s network, the ATM owner isn’t the only one that may charge you — your own bank may charge a fee. Some banks waive out-of-network fees, while others reimburse ATM fees charged by outside banks, usually up to a limit.
-
International transaction fee. Consumers who use ATMs while traveling outside the U.S. will want to be aware of additional fees. For example, Bank of America charges a 3 percent transaction fee for ATM withdrawals processed outside of the U.S. Other financial institutions charge lower international transaction fees: Connexus Credit Union charges up to a 1.5 percent transaction fee, while LendingClub customers pay under 1 percent.
How much do ATMs charge?
Bankrate reviewed account disclosures for several popular financial institutions to provide a sample of the variability of ATM fees. Here’s what we found:
| Financial institution | Number of free in-network ATMs | Out-of-network fee | International transaction fee | ATM fee reimbursements |
|---|---|---|---|---|
| More than 43,000 | None | Up to 1% | Up to $10 per month | |
| About 91,000 | None | Up to 1% | Unlimited domestic reimbursements for Rewards Checking, Cashback Checking, and Essential Checking; up to $8 reimbursed for Golden Checking | |
| About 15,000 | $2.50 | $5 plus 3% | One out-of-network ATM fee reimbursed for Platinum customers per month; unlimited for higher tiers | |
| More than 70,000 | None | $2 plus 3% for non-360 products | None | |
| Over 60,000 | $2.50 | 3% | None | |
| Over 54,000 | None | Up to 1.5% | Up to $25 per month for the Connexus Xtraordinary Checking account | |
| Over 37,000 | None | 0.9% | Unlimited reimbursements for the Rewards Checking account | |
| Over 40,000 | $2.50 | 3% | None | |
| Over 11,000 | $2.50 | $5 | Prime Checking customers get one domestic and one international ATM fee reimbursement per month; unlimited reimbursements for Premier Checking customers |
Average bank ATM fees
Out-of-network ATM fees increased by 1.5 percent over the past year to an average of $4.73 per transaction, according to Bankrate’s 2023 checking account and ATM fee study. The amount is the sum of two numbers: the average fee that a bank charges its customers who use an ATM outside of its network ($1.58) plus the average ATM surcharge from the ATM’s owner ($3.15).