What Is an ATM Fee?
An ATM fee is a penalty that your bank charges you for conducting certain transactions at an automated teller machine (ATM). Bank of America charges ATM fees if you make an ATM withdrawal, transfer, or balance inquiry at non-Bank of America ATMs while in the U.S. or abroad.
Bank of America ATMs prominently display the bank’s name and logo, the bank states on its website; any machines that do not display the name or logo can be considered non-Bank of America ATMs, or out of network.
How Much Does a Bank of America ATM Fee Cost?
For cash withdrawals, transfers, or balance inquiries conducted at a non-Bank of America ATM in the U.S., Bank of America ATM fees cost $2.50 per transaction. For cash withdrawals, transfers, or balance inquiries conducted at a non-Bank of America ATM outside of the U.S., Bank of America ATM fees cost $5 per transaction.
Other bank fees that could accompany or be associated with Bank of America ATM fees include:
- Savings withdrawal limit fees
- International transaction fees
- Overdraft item fees
- Replacement ATM or debit card fees
Savings withdrawal limit fees
Bank of America limits you to six transfers or withdrawals from your savings account per monthly statement cycle without being charged a fee. If you transfer or withdraw money more than six times, Bank of America will charge you a savings withdrawal limit fee of $10 ($1 if you have a Minor Savings Account) per transaction.
The transaction limit applies to:
- Automatic or pre-authorized transfers
- Telephone transfers
- Online banking or mobile banking transfers or payments
- Check, draft, and point-of-sale transactions
International transaction fees
When using an ATM in another country, you might receive an international transaction fee in addition to a standard Bank of America ATM fee. At Bank of America, international transaction fees cost 3% of the U.S. dollar amount of the transaction, and apply if you:
- Use your card to purchase goods or services in a foreign currency
- Use your card to purchase goods or services in U.S. dollars with a foreign merchant
- Make an internet transaction in the U.S. with a merchant who processes the transaction in a foreign country
- Use your card to obtain foreign currency from an ATM
If you make an ATM withdrawal or transfer when you do not have sufficient funds in your checking account, you may receive an overdraft item fee or overdraft protection transfer fee in addition to an ATM fee.
If you are not opted into overdraft practices for a particular ATM transaction at Bank of America, the bank will not charge you an overdraft item fee on ATM transactions. If you have opted in and Bank of America covers the transaction, you will be charged $35 for each transaction over $1.
If you are opted into overdraft protection, Bank of America will typically allow you to overdraft your checking account on an ATM transaction and automatically transfer money from another checking account, savings account, line of credit, or credit card. Bank of America will charge you a $12 fee for this.
Replacement ATM or debit card fees
If your Bank of America debit card or ATM card has been misplaced or stolen, you can request a replacement card for $5 per card. If you need the card quickly, you can request that the replacement card be expedited for a total of $15 per card.
Some Bank of America accounts qualify for a fee waiver for replacement and rush replacement cards. You will also not be charged a fee if Bank of America replaces your card upon expiration.
If you conduct a withdrawal, transfer, or balance inquiry at an ATM clearly marked with the Bank of America name and logo, you will not receive an ATM fee. However, even in these cases, you may be charged a transaction fee if you hold certain accounts.
Some accounts, such as Bank of America Preferred Rewards Platinum and Bank of America Preferred Rewards Platinum Honors accounts, receive one complimentary transaction at a non-Bank of America ATM per monthly statement cycle. After one occurrence, you can expect to receive a transaction fee on future occurrences.
When conducting a transaction at a non-Bank of America ATM, you may receive a fee from the ATM operator in addition to the fee from Bank of America. For instance, if you bank with Bank of America and withdraw money using a non-Bank of America ATM, you could be subject to two ATM fees. You could also be charged a fee for certain ATM transactions, including balance inquiries, even if you don’t complete a transfer.
Bank of America has a network of ATMs that you can use for withdrawals, transfers, and balance inquiries free of charge when visiting a foreign country. You should contact Bank of America before traveling so that you know where to access these machines to avoid ATM fees.
How to Avoid an ATM Fee
Choose your ATM wisely
Your best bet is finding a Bank of America ATM, which you can source using their online banking ATM locator or in the Bank of America mobile app. If you’re out of town or unable to visit an in-network ATM, look for a Bank of America partner ATM. When traveling internationally, use a Bank of America partner bank or ATM to avoid the $5 fee.
You could also find a fee-free ATM to lessen the blow. There are fee-free, or surcharge-free, ATMs that don’t charge users a penalty. While Bank of America may still charge for use of the out-of-network machine, you’ll at least avoid the second charge from the ATM operator.
Choose cash back
If a little cash is all that you’re looking for, opt to get cash back next time you check out at a grocery store, gas station, or convenience store. There aren’t fees associated with getting cash back at these stores, so you won’t be out any extra money.
How to Get an ATM Fee Refund
ATM fees may be small, but they shouldn’t be underestimated — these things add up. Here’s how to increase your chances of success if you plan to negotiate on your own.
Prepare your information
When you get on the phone with a Bank of America customer service representative, you’ll need some essential information, such as your name, address, bank account number, and the fees that you’d like to negotiate.
Start by saying: “Hello. My name is , and I recently received several ATM fees on my checking account from an out-of-network machine. I’m contacting you to see if you would be willing to refund these fees.”
Nail down your points of leverage
Were you in a bind? Did you need money quickly, but don’t typically use out-of-network ATMs? Have you been financially affected by COVID-19? Are you a loyal customer who has banked with Bank of America for an extended period of time? Do you have multiple accounts with them?
Be patient, persistent, and prepared not to get a refund
Try to keep your cool during the interaction, and remember that the representative likely didn’t make the rules. If you’re not making any progress with one representative, don’t hesitate to respectfully escalate the issue to a manager or call again to speak with a different representative.
Unfortunately, not every negotiation will end with a win. That’s okay. Take the necessary precautions to avoid ATM fees in the future, and work on polishing your points of leverage in case the situation arises again.
Find Bank of America’s full fee schedule here.