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If the ATM networks charge fees to the banks for using their networks, it seems reasonable to me that a bank may pass the fee along to me. I don't mind paying fees for the services that I use as long as they are reasonable.
I don't know.
My bank doesn't. Free worldwide atms.
I have a question -- I see people talk about free ATMs -- but are they really free or are the incurred fees refunded? And when are they refunded?
To me -- free is free. No fee. But refunded means there is a fee taken, and then given back.
That's a big difference, especially if you are really watching every penny -- even though my fees are all refunded, they are credited back at the beginning of the next statement cycle. Our ATMs are all about 3 bucks now -- so if I hit an ATM 4 times after the 15th of January, that 12 dollars in fees isn't in my account anymore, until after the 15th of February.
And where I used to work didn't allow use of the phrase "Free ATM" (some accounts did have refunded ATM fees) because they really weren't free, since the fees were taken out and then refunded...
As far as I know, there aren't any no strings attached free ATM's.
There are the bank ATM's that are free if you have an account at that bank. (Example: Wells Fargo account holder using a Wells Fargo ATM)
There are ATM networks that do not charge fees as long as your bank is a member. Allpoint and CO-OP networks are typically used by credit unions. (Example: As long the Allpoint logo is on the back of your ATM card, you can use any Allpoint ATM free of charge - even if the ATM says you may pay a fee - it won't be charged.)
There are banks that refund ATM charges. (Example: Banks that typically refund any ATM fees - either $25, $50, or unlimited - and never charge you for using an out of network ATM. For the accounts I have that work this way, the refund is at the end of the month, before the statement is generated.)
I have a question -- I see people talk about free ATMs -- but are they really free or are the incurred fees refunded? And when are they refunded?
To me -- free is free. No fee. But refunded means there is a fee taken, and then given back.
That's a big difference, especially if you are really watching every penny -- even though my fees are all refunded, they are credited back at the beginning of the next statement cycle. Our ATMs are all about 3 bucks now -- so if I hit an ATM 4 times after the 15th of January, that 12 dollars in fees isn't in my account anymore, until after the 15th of February.
And where I used to work didn't allow use of the phrase "Free ATM" (some accounts did have refunded ATM fees) because they really weren't free, since the fees were taken out and then refunded...
My fees are refunded 24 hours AFTER the fee posts. In total, it takes about 48 hours.
What bank(s) offer ATM reimbursements within 24-48 hours?
Fidelity Investments. I just double-checked. I have a withdrawal on 2/20 with a fee that posted on 2/21. The ATM fee rebate posted on 2/21 as well. I guess it's as good as no fee. They have no caps on their rebates.
Internet Banks (i.e. Ally, ING, Schwab,) have checking accounts that will refund all ATM fees incurred...
I use ALLY and my ATM charges are refunded at the end of my cycle.....I normally only have around 4 ATM withdrawls a month and I mostly use the ATM in my Office Lobby which is owned by Chase but Fee Free to all Employees (its sits behind security entrance so only Employees can use it) regardless of bank, I like it so I'm not charge the fee at all.
Also I don't carry more than 50-60$ in cash on me at any give time, so a lot of times I will do Cash back from the Drug Store, Post Office, Grocery Store whenever I can....
Haven't you heard of the profit motive? It costs them 2 cents extra so they charge $2.00. $1.98 profit.
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