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4 Ways To Avoid ATM Fees If You Have An Online Bank

4 Ways To Avoid ATM Fees If You Have An Online Bank

If you’re the type of person who still believes in always having cash on you, then the last thing you need is a build-up of ATM fees. ATM fees can often accumulate over time, and if you’re not careful the wrong checking account will penalize you for using out of network ATMs.

With online banking, most financial services provide accounts with zero ATM fees, keeping your money in your account. Here are four ways you can avoid ATM fees, ensuring your financial wellness through online banking.

Switch To An Online Bank With A Large ATM Network

The larger the ATM network your online bank has, the less likely you are to encounter an ATM with fees. A favorite financial device for avoiding these pesky fees is MoneyLion, a free application for smartphones. With MoneyLion, your money stowed in your checking is insured to stay your money, with zero ATM fees, overdraft fees, or monthly service fees.

MoneyLion is available through 55,000 fee-free ATMs across the globe, making them a reliable and efficient online banking service. These ATMs can also be located through your mobile device, so you can stop wasting time figuring out which ATMs will charge you a fee.

Get Reimbursed By Your Bank

There are several online banks that offer a limited ATM fee reimbursement to make up for a limited ATM network. Ally Bank (NYSE: ALLY) Interest Checking is very ATM fee-friendly, as they provide a $10 monthly reimbursement for fees charged at other ATMs nationwide. If you don’t take out cash very often, but don’t want to go out of your way to do so, or switch your online bank, this could be an ideal option for you.

Getting Cash Back At Stores

One way to avoid ATM fees is to avoid ATMs altogether. Many grocery stores or CVS (NYSE: CVS)-type businesses will give you the option to get cash back for free with your purchase. Although this is limited to around $40 usually, and you do have to make a small purchase with a debit card to get cash back, it is fee-free. If you don’t take out cash that often, then combine your ATM trip with your next food shopping trip to take out two birds with one stone.

ATM-Free Bank Accounts

A last option for those looking to avoid ATM fees is to try an ATM-free bank account, like the Investor Checking account from Charles Schwab (NYSE: SCHW). Schwab is a traditional bank, but has a mobile bank option as well, with mobile checking deposits compatible with Apple Pay and Google Pay.

This bank offers no foreign transaction fees for using your debit card overseas, making it great for the frequent flyer. This gives you access to ATMs anywhere in the world, automatically reimbursing you for charges from outside banks worldwide.

This account also comes with extra rewards such as no monthly fees, automatic transfers to avoid overdrafts, making it a worthwhile investment for you.

MoneyLion has entered into a compensation arrangement with Benzinga under which MoneyLion pays a fee for marketing and advertising services. MoneyLion does not have editorial control over the content of this material. MoneyLion does not adopt, endorse, or guarantee the accuracy of content posted by Benzinga, and such content does not represent the views of MoneyLion.

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