Dedicated to Deposits: Deals, Data, and Discussion
About Ken Tumin About Ken Tumin - Founder and Editor

Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.

Featured Savings Rates

Popular Posts

Featured Accounts

Reward Checking Accounts and Avoiding ATM Fees


Reward Checking Accounts and Avoiding ATM Fees

With interest rates so low, the last thing we need is to be hit by banking fees. One common one is the ATM fee. If you don't use an ATM owned by your bank, you could be hit with two fees: 1) the fee charged by the ATM owner, and 2) the fee your bank charges for using another bank's ATM. Large banks that don't charge you when you use another bank's ATM are becoming rare. Banks that have recently started to charge customers include TD Bank, PNC Bank.

This Kasasa blog post quoted the following interesting fact from the WSJ:

In 2010 Americans paid $7.1 billion in ATM fees, $3 billion of which was collected by banks from charging their own customers for using other banks’ ATMs.

To avoid ATM fees, the blog post mentioned the following fact:

Every Kasasa provider refunds ATM fees nationwide

Most Kasasa providers offer Kasasa Cash accounts which are high-yield reward checking accounts which provide both a high interest rate and ATM refunds if you meet the monthly reward checking requirements (see my reward checking overview). You can see all banks and credit unions offering Kasasa accounts here. Kasasa products are powered by BancVue, the company that created the reward checking model. The Kasasa Cash Account is just one version of reward checking accounts. We list all high-yield reward checking accounts including those that are not powered by BancVue. If a checking account has a high yield as long as the customer makes debit card purchases, I consider it a high-yield reward checking account. However, it's important to note that not all high-yield reward checking accounts offer ATM refunds.

If you want free ATMs without any hassles, internet banks continue to be the best option. In my opinion, the best for free ATMs include Ally Bank, Incredible Bank, USAA Bank and Charles Schwab Bank.


  Tags: checking account

Related Posts

Comments
5 Comments.
Comment #1 by Jo (anonymous) posted on
Jo
I have a Kasasa account through Aspire FCU and find it to be one of the best to have online. If I use the ATM and am charged a fee, I am refunded the fee, but it goes into my Kasasa Saver account.

The current rate for the [Rewards] checking account is still 3.51% and for savings it's 1.01%. Not a bad deal considering how so many are lowering their rates like lemmings jumping off the proverbial cliff.

3
Comment #2 by 767 posted on
767
I had a TD Bank account which I opened several years ago when it was known as TD Banknorth. After the ATM fee change, I closed and switched to Charles Schwab Bank. I've been very happy with the service I've received and the convenience of mailing checks that need to be deposited. All ATM fees are correctly refunded at the end of the month. They also do not charge foreign exchange fees when used internationally.

5
Comment #3 by rjm (anonymous) posted on
rjm
I simply very, very rarely spend cash.

I keep a few hundred hidden at home for odds & ends. And I can get cash when checking out at Aldi for no charge.

(They only take debitcards)

I carefully use rewards cards for pretty much EVERY purchase. I make about 20 very small gas charges per month to knock out my 24 needed transactions & get my interest rate but I dont ever use an ATM to cost my bank money.

4
Comment #4 by Dominos coupons (anonymous) posted on
Dominos coupons
Its a nice post. Thanks

2
Comment #5 by Peggy Keefe, Kasasa Social Media Coordinator (anonymous) posted on
Peggy Keefe, Kasasa Social Media Coordinator
Thanks for linking to our post, Ken!

2