Get Back Fees ATMs Charge
Jaclyne Badal
Apr 15, 2007
Consumers who chafe at automated-teller-machine fees have a way to get relief.
A number of banks, from smaller Internet companies to traditional brick-and-mortar institutions, don't charge when customers withdraw cash from other banks' ATMs and even reimburse customers for the other banks' levies.
The offers are usually subject to a few strings but can be a good value with ATM charges at a record high. Banks charged noncustomers an average $1.64 in fall 2006, up from $1.54 a year earlier, according to Bankrate.com.
Note that the banks with the easiest refund processes tend to have the highest minimum balance requirements. PNC Bank requires customers with a Free Checking account to have an average monthly balance of $2,000 to qualify for ATM-fee refunds. The money is automatically deposited once a month.
At the other end of the spectrum, Compass Bank, based in Birmingham, Ala., doesn't have any balance requirement, but customers need to apply for the refunds by mailing in receipts. KeyPoint Credit Union in Santa Clara, Calif., also makes customers apply for the refunds, but they do so online.
One exception is E*Trade Bank, a unit of E*Trade Financial, which gives Max-Rate Checking customers automatic, same-day refunds of other banks' ATM fees. The account has a $15 monthly fee, but it's waived if customers get a monthly direct deposit or meet other criteria.
Some of the refund offers have dollar limits. Internet bank EverBank, for example, refunds up to $6 monthly, while USAA Federal Savings Bank, which caters to military families, has a cap of $15 per month.
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