Discover ATM Fees and What You Need to Know

Discovering ATM fees can be a shock to your wallet. Many banks charge a fee for using an out-of-network ATM, which can range from $2 to $5 per transaction.

These fees can add up quickly, especially if you're traveling or using ATMs frequently. For example, if you use an out-of-network ATM 5 times a month, you could be charged $10 to $25 in fees.

Some banks also charge a monthly maintenance fee, which can range from $5 to $15. This fee may be waived if you meet certain conditions, such as keeping a minimum balance in your account.

ATM fees can be confusing, but understanding how they work is key to avoiding them. You may have noticed that each time you withdraw cash from an ATM that's not affiliated with your bank, you see a fee.

The average combined cost to use an out-of-network ATM was $4.73 in 2023. This is because your bank (or credit union) will pay a small fee to the company that owns the ATM for the transaction. This charge will be passed through to you as a non-bank ATM fee.

You may then be charged a fee directly from the unaffiliated ATM itself. The average ATM surcharge—the fee levied by the other bank—was $3.15 in 2023, an all-time high.

Regional banks tend to charge lower ATM fees than national banks. Here are some examples of out-of-network ATM fees charged by regional banks:

To avoid bank ATM fees, consider choosing a bank with no ATM fees or one that refunds ATM fees. You can also choose a bank with easily accessible ATMs or withdraw more money at once to reduce the number of transactions.

Planning ahead can save you money on ATM fees. If you know you'll need cash for activities or school events, or if your coworkers like to eat at a cash-only food truck every Friday, plan how much cash you need to carry in your wallet.

You can also avoid carrying excess cash by planning ahead. This way, if your wallet is ever lost or stolen, you won't be left with a lot of useless cash.

Regional banks tend to charge lower ATM fees than national banks. Some regional institutions refund fees charged by ATM providers, while others don't.

Here's a list of out-of-network ATM fees for some regional banks:

Discover ATM fees can be a concern for anyone who uses ATMs frequently. You can easily withdraw money daily with the Discover Cashback Debit Checking at an ATM or at the register at participating retailers.

However, be aware that the daily ATM withdrawal limit for each account is the lesser of $2,000 or your available balance. This means you can't withdraw more than your available balance or $2,000, whichever is lower.

If you're looking for a bank with no ATM fees, consider exploring online financial institutions. They're more likely to have no ATM fees and may also give reimbursements for out-of-network fees through their standard checking accounts.

Some regional banks, like VyStar Credit Union, offer free out-of-network ATM fees. However, not all regional institutions have accounts that refund fees charged by ATM providers.

Here are some out-of-network ATM fees charged by regional banks:

To avoid bank ATM fees, consider choosing a bank that refunds ATM fees or has no ATM fees at all.

When choosing a bank, it's essential to consider the fees associated with each option. Discover Bank stands out for its lack of monthly maintenance fees, with a $0 charge compared to the up to $30 fee charged by Wells Fargo.

Discover's fee-free philosophy also extends to overdraft fees, with a $0 charge compared to the $10 per item fee charged by Bank of America. This can be a significant cost savings for frequent overdrafters.

Here's a comparison of the fees charged by Discover and other major banks:

Overall, Discover Bank's fee-free approach can be a significant advantage for those looking to save money on banking fees.

A checking account is a type of bank account that allows you to write checks, use a debit card, and make electronic payments. It's a fundamental part of managing your finances.

The Discover Cashback Debit checking account, for example, has no monthly service fee, which means you can use it without worrying about extra charges. This can help you make your debit card purchases go further.

Discover Bank offers only one checking account, the Discover Cashback Debit account. It's a simple, no-frills option that gets the job done.

Here's a rundown of the account's fees:

Discover emphasizes that there are no hidden fees associated with the Discover Cashback Debit checking account.

When choosing a bank account, it's essential to consider the fees associated with it. Discover Bank stands out for its lack of fees, but let's take a closer look at how it compares to other major banks.

Discover Bank has no monthly maintenance fee, which is a significant advantage over Bank of America, U.S. Bank, and Wells Fargo, which charge up to $30 per month.

The absence of a monthly maintenance fee can save you money in the long run. For example, if you have a balance of $1,000 or less, you won't have to pay a fee with Discover Bank.

Discover Bank also doesn't charge for overdrafts, whereas Bank of America charges $10 per item, U.S. Bank charges $36 per item, and Wells Fargo charges $35 per item.

However, if you need to make a wire transfer, Discover Bank charges $30, which is lower than some of the potential charges from other banks.

Here's a comparison of the fees associated with each bank's account:

In conclusion, Discover Bank's fee-free philosophy can save you money in the long run.

National banks can be a good option for managing your finances, but be aware that most charge fees for using out-of-network ATMs.

You'll still have access to a large network of ATMs, but you'll need to pay the fee set by the network of the machine you use. This can range from $2.50 to $5, depending on the bank.

Some national banks, like Bank of America and Citi, charge a flat fee of $2.50 for out-of-network ATM use. Others, like BMO and PNC Bank, charge $3.

If you're interested in a national bank but don't want to pay ATM fees, look for a zero-ATM-fee account option. Some banks, like PenFed Credit Union, offer such accounts with lower fees.

Here's a breakdown of the out-of-network ATM fees for some major national banks: