Online Banks That Refund ATM Fees

Using an ATM outside your bank's network usually costs you twice: once to the machine's owner, and once to your own bank. Together that is often more than $6 a withdrawal.

A handful of banks refund those fees. Others avoid them with networks of tens of thousands of free machines. Which is better depends on where you take out cash.

Terms checked September 23, 2026.

Refunds with no cap

Schwab is the usual pick for travellers. It refunds every ATM fee worldwide and charges no foreign transaction fee on the debit card. Fidelity does much the same; see the Fidelity CMA review.

Capped refunds

Some banks refund fees up to a monthly limit. Ally, for example, refunds up to $10 a month, which covers two or three withdrawals. Caps change often, so check the current figure before relying on one.

Free ATM networks instead

Banks such as Capital One and Ally give you tens of thousands of fee-free ATMs through the Allpoint and MoneyPass networks, many of them inside Target, CVS and Walgreens. You pay nothing as long as you find a network machine, and the bank's app will show you where they are.

This works well in cities and suburbs. In rural areas, or abroad, a refund account is safer.

How refunds actually work

1. You pay the surcharge at the machine.
2. It shows on your statement as a separate charge.
3. At the end of the statement cycle, the bank credits it back.

The refund is not instant. If your balance is tight, the surcharge can briefly push you below zero before the credit posts. Keep a small buffer, and see how overdraft fees work.

Which to choose

• You travel abroad: Schwab or Fidelity
• You use cash often in the US: Axos, or Schwab
• You rarely use cash, and live near chain stores: a bank with a big free network, such as Capital One or Ally
• You want one account for banking and investing: Schwab or Fidelity

FAQ

Does Schwab do a credit check? Schwab may run a credit check when you open the linked brokerage account. Most banks also check ChexSystems.

Do refunds include foreign exchange fees? Schwab and Fidelity charge no foreign transaction fee on their debit cards. Other banks may refund the ATM fee but still charge 1–3% on the currency conversion.

What about brokerage cash cards like Robinhood's? Some have their own limits and networks. See Robinhood ATM withdrawal limit.