Even before most travel hackers' American Express prepaid cards were shut down last year, American Express had restricted Bluebird and Serve cash withdrawals to ATM's in the United States. That was a shame since they had previously worked as fee-free ATM cards around the world, and with reasonable exchange rates.
Fortunately, I have a Consumers Credit Union Free Rewards Checking account, which offers as one of its rewards "No ATM fees - CCU will reimburse all ATM and surcharge fees." I'd never actually made an ATM withdrawal with the card (I bank with a local credit union), so I was eager to see how this benefit works.
My experience withdrawing money in Europe
It works really well!
I made three ATM withdrawals during the two weeks we were in Europe, and incurred ATM fees on each withdrawal:
- 30,000 Hungarian forint ($109.40), $0.87 ATM fee;
- 200 Euro ($226.85), $1.81 ATM fee;
- 200 Euro ($225.96), $2.26 ATM fee.
On the first of July, I received an ATM fee credit of $11.19. Since only $4.94 had been charged to my account in separate ATM fees, that leaves $6.25 in ATM fee refunds unaccounted for.
That $6.25 happens to be the sum of the difference between the first two ATM withdrawals in dollars and the next lowest multiple of $5 ($109.40 minus $105, plus $226.85 minus $225).
Now, maybe that's a coincidence ($6.25 is the sum of a lot of numbers, real and imaginary). But it's my current best hypothesis, although it doesn't explain why the odd $0.96 on my final ATM withdrawal wasn't refunded.
Microhacking ATM fee refunds?
If my hypothesis is correct, that means a simple hack is possible: intentionally make ATM withdrawals that are at least $1 more than a multiple of $5, getting the additional amount refunded the following month.
The only ATM's I've ever seen that allow such odd withdrawals are TD Bank ATM's, which allow you to specify the exact composition of a withdrawal, including $1 and $5 bills.
According to this CNN article, Chase and PNC were rolling out ATM's with this function back in 2013, but some light Googling didn't turn up any more recent information than that.
Have you tried this? Does it work? And do you have a better explanation for my mysterious $6.25 ATM fee refund?