Does Your Online Bank Have the ATM Network You Need?

When it comes to choosing online banks, having an extensive ATM network doesn’t always rank high up on most consumers’ criteria. But depending on your spending and saving habits, having easy access to fee-free ATMs can spell the difference between savings and cost, inconvenience and accessibility.

For online banks with brick-and-mortar retail branches, this wouldn’t be much of an issue as most banks, depending on their size and locations, deploy their own ATMs which even online accountholders can access for free. For instance, Bank of America has over 18,000 ATMs across the country, HSBC has 17,200 bank-owned machines, more than 600 of which are found in the US, and Citibank has 3,200 ATMs plus 5,800 more in 7-11 stores.

On the other hand, online banks which do most of their banking transactions with the internet as the main platform have to make the necessary affiliations with other ATM networks in order to provide their customers with convenient and free options to getting cash.

Here’s what you can expect from the top online banks when it comes to using their cash cards, typically referred to as check cards or debit cards.

As you can see, even if you go for an online bank, there’s no reason why you should be burdened by exorbitant ATM fees some operators may charge. A few of these online banks may even offer more options for fee-free ATM transactions, or unlimited ATM fee reimbursements.

So the next time you think of opening an online savings or checking account, it might be well worth your time to consider not only the interest rates offered, but also the best deals for ATM usage. A few dollars here and there could add up to a lot especially given the tough times.

About the banks

 

ING Direct

ING DIRECT, the nation's largest direct bank and largest thrift, is dedicated to inspiring Americans to become a nation of savers. Since its inception in 2000, more than 7.5 million Americans have entrusted their savings with ING DIRECT. ING DIrect offers- Electric Orange, an easy-to-use paperless checking account that also pays a great interest rate. The Orange Savings Account lets you save with no fees, no minimums and a great rate. The Orange Mortgage has low closing costs, a simple application.

View profile

Ally

Banking starts over here and now. Built on the foundation of GMAC, Ally is an online bank with no monthly fees, no minimum balances and no minimum deposits. Our rates are always among the most competitive and we offer live 24/7 Customer Care Support. Member FDIC.

View profile

FNBO Direct

First National Bank Omaha is a subsidiary of First National of Nebraska, a multi-state holding company located in the heart of downtown Omaha, with a strong banking heritage that dates back over 150 years.

View profile

EverBank

With approximately $5.5 billion in assets and the support of 1,500 employees, the EverBank® Family of Companies builds upon a long-standing commitment to deliver innovative banking, lending, and investment products and services of exceptional value.

View profile

ETRADE

The E*TRADE FINANCIAL family of companies provides financial services including trading, investing and banking for retail and institutional customers. Securities products and services are offered by E*TRADE Securities LLC (Member FINRA/SIPC). Bank products and services are offered by E*TRADE Bank, a Federal savings bank, Member FDIC, or its subsidiaries.

View profile