Best Banks for Avoiding ATM Fees for July 2024 (2024)

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If you regularly use ATMs, especially if you travel frequently, you should probably look for a bank with a large ATM network that also minimizes fees from out-of-network providers. ATM providers can be banks, credit unions, or financial services companies (like MoneyPass or Allpoint) that own ATM machines. We've listed some of the best checking accounts for avoiding ATM fees.

Best Banks for Avoiding ATM Fees of 2024

• Axos Bank: Best online bank for avoiding domestic ATM fees
• Connexus Credit Union: Best credit union for avoiding domestic ATM fees
• Chase Bank: Best national bank for avoiding domestic ATM fees
• Charles Schwab: Best institution for avoiding international ATM fees
• TD Bank: Best regional bank for avoiding domestic ATM fees
• Betterment: Best online banking platform for avoiding domestic ATM fees

Compare the Top Banks for Avoiding ATM Fees

The best banks for avoiding bank ATM fees have free regional or national ATM networks, so you won't be charged for using an ATM. Some banks may also refund fees charged by ATM providers.

All of the financial institutions on our list are protected by FDIC or NCUA insurance. Your money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account, so your money will be safe while you avoid bank fees.

We've included brick-and-mortar banks, online banks, credit unions, and online banking platforms, so you can choose from a variety of options. Here are the best banks for avoiding ATM fees as picked by Business Insider editors in 2024.

Axos Bank

Axos is an online bank that offers unlimited ATM fee reimbursem*nts.Axos Bank Rewards Checking is also a good option if you're searching for a rewards checking account that allows you to earn interest.

Axos Bank Rewards Checking lets you earn interest in stages. With each goal you accomplish, you'll earn more interest.

You'll earn interest on Axos Bank Rewards Checking balances up to $50,000 if you do the following:

1. Earn 0.40% APY when you receive at least $1,500 in direct deposits in a month. You have to meet this requirement to be able to earn any additional interest.
2. Earn 0.30% APY when you make 10 debit card transactions in a month (minimum $3 per transaction) or you need to sign up for Account Aggregation/Personal Finance Manager.
3. Earn 0.99% APY if you keep at least a daily average of $2,500 in an Axos Managed Portfolios Invest Account monthly.
4. Earn 0.99% APY if you keep at least a daily average of $2,500 in an Axos Self-Directed Trading Invest Account monthly.
5. Earn 0.60% APY if you make a monthly Axos consumer loan payment with your Reward Checking account.

If you accomplish all of these goals in a month, you earn the maximum available APY.

New customers may also be eligible for a up to $500 welcome bonus when you use the promo code RC500 to apply for a Rewards Checking account and complete qualifying activities by 7/31/24..

If you use your debit card internationally, keep in mind there's a 1% fee for foreign currency conversions.

Connexus

Connexus could be a good option if you would like to bank with an online credit union instead of bank. Connexus is featured in our best credit union guide and provides access to over 54,000 surcharge-free ATMs.

If you get the Connexus Xtraordinary Checking Account, the credit union also reimburses up to $25 per month in other providers' ATM fees.

Credit unions require membership to open bank accounts. To become a member of the Connexus Association, make a one-time $5 donation; be an employee, retiree, member, student, student graduate, or relative of a member of certain organizations; residents of areas in Minnesota, Ohio, or Wisconsin; be a relative, spouse, or housemate of a Connexus member.

Chase

Chase is a solid choice if you want to open a checking account at a national bank. Chase is one of the largest national banks, with over 4,700 branches and 16,000 free ATMs throughout the continental United States.

There are 5 types of Chase checking accounts, but Chase Sapphire℠ Banking will likely be the strongest option for avoiding bank ATM fees. It doesn't charge any foreign transaction fees and reimburses all ATM fees on non-Chase machines.

Chase Sapphire℠ Banking charges a $25 monthly service fee if you do not maintain an average daily balance of $75,000 or more across your Chase bank accounts. If you don't regularly maintain a high account balance in your bank accounts, you might prefer another financial institution to that reimburses ATM fees.

Charles Schwab

Charles Schwab is an investment platform, but it also has banking products. Its Schwab Bank High Yield Investor Checking® Account notably offers unlimited refunds for ATM fees worldwide, and it doesn't charge foreign transaction fees.

When you open the Schwab Bank High Yield Investor Checking® Account, you'll also have to open a Schwab brokerage account. If you're not interested in opening a brokerage account, consider one of our other top picks.

TD Bank

TD Bank could be an appealing option for people who live on the East Coast and are more comfortable with banking in person instead of online.

There are three types of TD Bank checking accounts, but only the TD Bank Beyond Checking Account waives ATM fees. You will also be reimbursed if you're charged by an out-of-network ATM provider when you maintain a daily account balance of $2,500 or more.

TD Bank only has branches in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhone Island, South Carolina, and Vermont.

The TD Bank Beyond Checking Account also has a $25 monthly service fee. To waive the fee, you must receive $5,000 in monthly direct deposits, maintain a $2,500 minimum daily balance, or keep a total of $25,000 in all TD Bank accounts.

Betterment

You may like Betterment if you are open to getting a checking account with an online investment platform instead of a brick-and-mortar financial institution. Your money is secure in a Betterment Checking Account because it is FDIC insured for up to $250,000 per depositor through the company's partner bank, NBKC.

The Betterment Checking Account stands out from other accounts because it reimburses all ATM fees.

Betterment only offers a checking and cash reserve account. If you'd like to open CDs or a money market account, you might prefer a bank or credit union instead.

Bank Trustworthiness and BBB Ratings

The Better Business Bureau grades companies based on responses to customer complaints, advertising, and transparency about business practices. Here are the BBB scores for our top picks:

JPMorgan Chase & Co. has an A- rating from the BBB because it hasn't responded to a couple of complaints filed against the business.

Betterment has an F rating because it received a high volume of customer complaints and has unresolved customer complaints.

Chase, Charles Schwab, TD Bank, and Betterment have all been involved in recent public settlements.

In 2023, JP Morgan Chase was required to pay$75 million in a settlementwith the U.S. Virgin Islands that accused the financial institution of failing to report suspicious activity regarding Jeffrey Epstein's sex trafficking operation.

In 2022, the SEC required Charles Schwab to pay $187 million in a settlement. The SEC says Charles Schwab did not properly inform clients who used its robo-advisor feature that their money was not being invested in the way that would earn them the highest profits. Instead, the SEC says, Charles Schwab used the clients' money to earn a higher profit for itself. Charles Schwab does not admit wrongdoing by settling this case.

In 2023, TD Bank paid $1.2 billion in a settlement that claimed TD Bank was involved in a Ponzi scheme. Also in 2023, TD Bank paid $15.9 million as part of a settlement in a class action lawsuit. The class action lawsuit claims that TD Bank charged multiple non-sufficient fund fees per single charge to an account without enough funds to pay it. TD Bank denies wrongdoing in both settlements.

The SEC required Betterment to pay $9 million in a settlement in 2023. In the lawsuit, the SEC claims Betterment did not let clients know about important changes to their tax-loss harvesting service, a service that helps clients pay less in taxes. Betterment did not admit or deny wrongdoing in paying the settlement.

How to Look at Network Size Before Picking a Bank

One of our top tips for choosing the best bank for you is to find a bank that is accessible to you. Here are two ways to compare ATM network size:

1. Visit the bank website. Most banks have an ATM locator tool. You can use this tool to see how many nearby ATMs are in your area. National banks may also list the total number of ATMs in an infographic on their bank's website. Online banks usually do not offer their own ATM networks. However, they often partner with a large network like Allpoint or MoneyPass. Therefore, customers still have free access to thousands of ATMs around the United States.
2. If you are looking at a local financial institution, see if it's part of a shared ATM network. To remain competitive, smaller financial institutions often share locations and services so that members can have access to nationwide resources.

Banks That Reimburse ATM Fees

The following financial institutions and fintech companies offer reimbursem*nt for fees when you use an ATM from another bank or credit union:

• Alliant Credit Union
• Ally
• Axos Bank (Axos Bank Rewards Checking)
• Bank5 Connect
• Bank of America (Must meet requirements for Preferred Rewards)
• Betterment
• Blue Federal Credit Union
• Charles Schwab
• Chase (Chase Sapphire℠ Banking)
• Connexus Credit Union (Connexus Xtraordinary Checking Account)
• Consumers Credit Union (Must fulfill qualifying activities on Consumers Credit Union Free Rewards Checking Account)
• LendingClub
• NBKC
• Salem Five Direct
• TD Bank (TD Bank Convenience Checking Account)
• USAA
• Wells Fargo (Wells Fargo Prime Checking)

Bank ATM FAQs

Why You Should Trust Us: Our Expert Panel for the Best Banks for Avoiding ATM Fees

We consulted banking and financial planning experts to inform these picks and provide their advice on how to find the right bank for you.

Here's what they had to say about choosing a bank. (Some text may be lightly edited for clarity.)

How can someone determine if a bank is suitable for them?

Mykail James, MBA, certified financial education instructor,BoujieBudgets.com:

"The No. 1 thing about a checking account is you should know what provider the debit card is coming from. And a lot of people don't think about that, because there are places that don't accept MasterCard or don't accept an Amex."

Sophia Acevedo, certified educator in personal finance, banking editor, Business Insider:

"Think about which bank accounts you'd like to open and which features you're looking for. Let's say you frequently visit ATMs to withdraw money or manage transactions. When you're deciding on a bank, you'll want to see if the bank has a national, regional, or local ATM network. You could also refer to the schedules of fees document to review ATM fees and ATM withdrawal limits."

How can someone choose between bank and a credit union?

Tania Brown, certified financial planner and vice president of coaching strategy at OfColor:

"For most people, it falls into five categories: location, interest rates, services, technology, and relationships. Next, prioritize what's important and you will have your answer. For instance:

• If multiple regional and national locations are important: Banks typically have more locations than credit unions.
• If the most important thing to you is a high interest rate: Credit unions, on average, offer better interest rates than banks.
• If a lot of services (commercial banking, business savings accountsand checking accounts, investment services, etc.) are valuable to you: Larger banks offers more services than most credit unions.
• If feeling like a person, not a number, matters to you:Credit unions are known for great personalized customer service.
• If you are a tech junkie: Larger banks typically offer more tech bells and whistles for online users than credit unions."

What can someone look for in an online bank?

Roger Ma, certified financial planner withlifelaidout®and author of"Work Your Money, Not Your Life":

"How onerous the transfer process is, transferring money in and transferring money out. Is it same day, next day? Is it pretty easy to sync a brick-and-mortar checking account to this particular high-yield savings account?"

Mykail James, CFEI:

"When it comes to online banks, you want to be a little bit more strict about what type of interest rates they're providing. That's the biggest thing, because online banks are supposed to have the higher interest rate because they don't have the overhead of the brick-and-mortar. You want to make sure that it's well above the national average.

"What types of securities do they provide? Do they have two-factor identification? If it's an online bank, they should definitely have — at the bare minimum — two-factor authentication in how easy it is to change your passwords and things like that, because you want to be a little more hypersensitive about the cyber security for a strictly online bank."

Methodology: How Did We Choose the Best Banks for Avoiding ATM Fees?

Business Insider's mission is to help smart people make the best decisions with their money. We understand that "best" is often subjective, so in addition to highlighting the clear benefits of a financial product or account, we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don't have to.

For our guide, we researched over two dozen financial institutions and financial service providers to find options with national or regional ATM networks. Then, we reviewed each institution to find bank accounts that minimize ATM fees for customers. Generally, checking accounts are more likely to offer ways to waive ATM fees than savings accounts. As a result, all of our top picks feature a checking account. We also considered the overall banking experience at each bank by using our rating methodology for checking accounts, which assesses criteria like customer support availability, mobile app ratings, and ethics.