See a slide show from the PULSE conference.
AUSTIN, Texas — Doug Miraglia says 2009 will be the year of the surcharge-free ATM network. The president and founder of the MoneyPass Network says the timing is right. The economic recession, coupled with financial institutions' need to get back to basics and focus on their core competencies, has created the perfect storm for change.
"I see surcharge-free networks really taking off. Banks and credit unions have done a great job educating their customers about using our ATMs, and consumers get it," Miraglia said. "On-us transactions, while nice, are not necessarily the best way to go these days. By working with a surcharge-free network, the bank or credit union immediately has a larger footprint without having to invest in more ATMs."
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PULSE announced the deal yesterday during its Debit ReDefined conference in Austin, Texas, when it announced the launch of its PULSE Select surcharge-free ATM network. The alliance with the MoneyPass Network, which is owned by U.S. Bank/Elan Financial Services, gives PULSE and MoneyPass surcharge-free ATM access to more than 16,000 ATMs throughout the United States.
"In today's economic environment, consumers are looking for ways to cut costs, while maintaining convenient access to their money," said Judith McGuire, PULSE's senior vice president of product management. "In response, the PULSE Select/MoneyPass network provides financial institutions with an economical solution, while driving customer loyalty and creating a competitive advantage to help participants attract new cardholders."
FIs participating in the PULSE Select/MoneyPass network are immediately able to provide the network to their cardholders.
"We saved our cardholders $30 million in 2008 in waived surcharge fees," Miraglia said. "So this offers an excellent opportunity for PULSE, since they don't have to build their own surcharge-free network organically. It's a win-win. They get access to MoneyPass and we get to build on the excellent reputation PULSE has with banks and credit unions."
The two companies have been in talks since last year. MoneyPass has a similar deal with the NYCE network, though PULSE and MoneyPass have agreed to actively cross-promote the union through logos and ATM promotions. Both NYCE and PULSE have reseller agreements with MoneyPass.
