American consumers are targeted by banks that charge them for services. Monthly maintenance fees are the norm and consumers are charged for withdrawing their own funds if they happen to use a non-affiliated ATM. Whilst it is understandable that the out of network bank will slap a charge on for the service, it really is rich that ones own bank will levy a fee too, whilst content to hold your balance without paying any interest.
Free ATM use is standard for those who withdraw funds from machines belonging to their own bank network, but go outside that network and two charges may be incurred. This substantially reduces the value of the funds withdrawn by lowering ones balance. There are many instances when these charges are paid due to the inconvenience of locating an in network ATM, thus making a checking account that offers to reimburse ATM surcharges an attractive and money saving proposition.
Some banks reimburse all surcharges unconditionally whilst others impose certain caveats. These may include maintaining a monthly balance of a set amount, or limiting either the value of or the number of out of network transactions they are willing to refund. Some banks require all receipts to be mailed to the bank before surcharges are reimbursed. Almost all the banks that do offer to reimburse surcharges actually limit the service to domestic ATM transactions, and still levy charges for foreign transactions.
To find the best checking accounts that offer reimbursements one should not only comparison shop but pay careful attention to the terms and conditions attached. The ultimate aim should be to find a checking account with no monthly maintenance fees in addition to no ATM fees.
One of the best deals on offer is the Incredible Bank high yield internet checking account. As well as promising no ATM fees ever there are no monthly maintenance fees and interest is paid on balances. The only caveat on ATM withdrawals is a three transactions a day limit.
BBVA Compass online checking accounts are another good choice. The Compass Build to Order Free Checking account reimburses unlimited ATM surcharges providing the transaction receipts are mailed to compass with 90 days of the transaction. Additionally the checking account offers interest on balances. The People’s United Bank also offers an internet checking account that is fee free if certain conditions are met. It reimburses unlimited ATM fees.
One commonality shared by each of these banks is they are internet accounts. The big high street bank names don’t tend to offer these perks and it is definitely worth considering switching accounts if you routinely pay monthly maintenance fees or run up ATM costs. Those paying unnecessary fees can reap the benefit of switching current account but always be sure to read the terms and conditions to see if any caveats are imposed.