TALLAHASSEE, Fla. — Credit Union 24, the largest credit union-owned ATM and point-of-sale network in the U.S., has announced that credit unions will be able to offer more than 50,000 surcharge-free ATMs to members and prospective members through Credit Union 24's CU HERE surcharge-free programs.
According to a news release, the addition of some 5,500 ATM locations at 7-Eleven stores to the Allpoint Network, one of Credit Union 24's surcharge-free partners, boosts the surcharge-free ATM access available to credit unions to more than three times that of the largest bank-controlled ATM network.
"We're very pleased to see our surcharge-free ATM footprint grow to more than 50,000 locations," said Jim Park, Credit Union 24's president and chief executive. "It's a huge number and a great benefit that will help drive consumers to credit union membership."
An independent research study estimated that U.S. consumers spent $8.8 billion on ATM surcharges in 2006 and 2007. In recent years ATM surcharges have increased steadily, with the average ATM surcharge costing $1.86 in 2007 and the most common surcharge costing $2, with some larger national financial institutions charging as much as $3.
Surcharge-free ATM access has been cited as a primary consideration among consumers when choosing a financial institution, and Credit Union 24 has aggressively grown its CU HERE surcharge-free ATM programs in an effort to bolster credit unions' competitive edge in their own markets.
