Is there a fee to use another banks ATM?

Out-of-Network ATM Fees: What You Need to Know

It’s convenient to grab cash on the go, but using an ATM that doesn’t belong to your bank can come with hidden costs. You might be surprised to find that accessing another bank’s ATM can involve fees from both your bank and the ATM owner.

Double Trouble: Fees from Both Ends

Here’s the breakdown of the fees you might encounter:

• Your Bank’s Fee: Many banks charge a fee for using an out-of-network ATM. This fee is often called a “surcharge” or an “out-of-network ATM fee.” It can vary depending on your bank and the type of account you hold.
• ATM Owner’s Fee: The bank that owns the ATM may also impose a fee, known as a “transaction fee” or “ATM usage fee.” This fee is separate from your bank’s fee and will appear as a separate line item on your transaction receipt.

Understanding the Charges

These fees are not always transparent. Your bank’s fee might be included in the total amount of the transaction, while the ATM owner’s fee is displayed separately. To avoid surprises, always check your bank’s fee schedule.

Tips for Avoiding Fees

• Use Your Bank’s ATMs: The easiest way to avoid fees is to use ATMs owned by your bank.
• Look for Fee-Free ATMs: Some banks offer access to a network of ATMs that don’t charge fees.
• Check Your Bank’s Website: Visit your bank’s website or call their customer service line to find out about potential ATM fees.
• Consider Mobile Banking: Many banks offer mobile banking apps that allow you to withdraw cash from your account without using an ATM.

Bottom Line

Using another bank’s ATM can be convenient, but be aware of the potential costs involved. By understanding the fees and taking steps to minimize them, you can avoid unexpected charges and save money.