As of 2018, automated teller machine (ATM) fees are 36% higher than they were 10 years ago. Over time, ATM withdrawals have also decreased, in part due to the rising fees and the ease of electronic payments lessening the need for cash. Fortunately, plenty of banks offer checking accounts with ATM fee rebates for consumers who withdraw cash on a regular basis.
Banks with Capped Reimbursements
PNC Financial Services Group Inc. (NYSE: PNC) offers a $20 reimbursement per statement period on the performance select checking account. The account carries a $25 monthly service charge that can be waived by meeting certain requirements. The account earns interest on balances of $2,000 or more. PNC operates a limited network of brick and mortar locations that can offer additional convenience.
Ally Financial Inc. (NYSE: ALLY) has an interest-bearing checking account with live 24/7 customer service. Domestic ATM fees are reimbursed up to $10 per statement cycle, with cross-border transactions incurring a fee of up to 1%. Ally offers a free debit MasterCard, no monthly maintenance fees, bill payments at no charge and mobile deposit.
BankFive offers interest-bearing checking accounts with no monthly maintenance fees. Free mobile banking, bill pay and the first order of checks are included. Non-network location ATM fees are reimbursed up to $10 per statement cycle.
Banks with Free Domestic ATM Use
E-TRADE Financial Corporation (NASDAQ: ETFC) has a checking account with unlimited domestic ATM fee refunds, regardless of the account balance. There are no monthly account fees. Features include online bill pay, a free Visa debit card, unlimited transactions and the first order of checks. E-Trade operates a very limited branch office network throughout the United States.
Fidelity Investments offers a cash management account that it describes as a traditional checking account without the bank fees. There are no monthly fees or minimum balances. All ATM fees are automatically reimbursed nationwide with a 1% foreign transaction fee. Free bill pay, mobile check deposit and checks are included. Fidelity operates a limited branch network across the United States.
Axos Bank (formerly Bank of Internet USA) has a rewards checking account with no monthly fees, minimum balances or overdraft fees. You can earn up to 1.25% interest by meeting certain goals and can be reimbursed for an unlimited number of domestic ATM withdrawals. Foreign transaction fees apply. Free online bill pay, mobile deposit, and mobile banking are available.
IncredibleBank, a division of River Valley Bank, offers an interest-bearing checking account with automatically reimbursed external ATM fees. A Visa check card, online bill pay and mobile banking are all included. A monthly fee of $15 is required for an average balance of less than $300 and if you are not enrolled in e-statements.
TIAA Bank has a very competitive interest-bearing checking account. Unlimited ATM fees from domestic banks are included with the minimum balance of $5,000. Free bill pay, mobile deposit and an Apple Pay supported debit card are included. TIAA has branch offices in Florida, and all accounts are available online.
Banks with Free Domestic and International ATM Use
First Republic Bank (NYSE: FRC) offers an ATM rebate checking account. You can access your money worldwide with any third-party fees reimbursed. Interest can be earned without a monthly account fee on balances of $3,500 or more. Online banking, bill pay and your first order of checks are included.
The Charles Schwab Corporation (NYSE: SCHW) has a high-yield investor checking account that tops the list for the best checking accounts with reimbursed ATM fees. Schwab offers unlimited reimbursement for any ATM fees incurred worldwide. Free bill pay, standard checks, a Visa debit card, mobile deposit and 24/7 U.S.-based customer service are all included. As of 2018, individuals with this checking account earned a 0.35% variable interest rate on any balance. There are no monthly minimums or service fees. The account must link to a free Schwab One brokerage account. Schwab operates branch offices in almost every major city throughout the United States.