BETHESDA, Md. - Three state credit union leagues and Michigan's Flagstar Bank are the latest to join Allpoint's surcharge-free ATM network, according to a news release. Through the network, the leagues and bank will provide surcharge-free ATM access throughout the United States to members and customers.
The partnership between the three credit union leagues - Pennsylvania Credit Union Association, Maryland Credit Union League and Delaware Credit Union League - was formed under the Mid-Atlantic Regional Services Corp., the three leagues' Credit Union Service Organization.
"By all three leagues joining forces to partner with Allpoint, league members not only receive unparalleled nationwide surcharge-free access, but also significant cost savings," said Ben Psillas, Allpoint president.
Psillas also noted that the signing of Flagstar marks a high point for community banks as well. "The biggest benefit for Flagstar joining a national surcharge-free ATM network such as Allpoint is to gain an immediate physical presence in new markets without investing in physical infrastructure."
Flagstar Bank is Michigan's largest independent savings bank with $13.1 billion in assets.
Allpoint's network consists of more than 32,000 surcharge-free ATMs nationwide, including 1,500 in Pennsylvania, 875 in Maryland, 180 in Delaware and 750 in Michigan, with more than 2,000 in the surrounding states of Illinois, Indiana and Wisconsin.
"As credit union members increasingly rely on technology to conduct business, greater access to ATMs has become an even more important part of many credit union business plans," said PCUA executive vice president Bob Hinchey.
Participation with Allpoint offers card issuers access to a nationwide physical distribution channel at a fraction of the cost of building and maintaining their own networks, the release noted. In addition, Allpoint complements membership in other networks or surcharge-free alliances.
Bill Kroll, president of ACB Business Partners, said the association with Allpoint is a huge step for Flagstar. "Access to Allpoint's surcharge-free ATM network is an extraordinary opportunity for community banks to compete with larger regional and mega banks while providing an affordable and exciting customer retention and recruitment tool."
Combining Flagstar's own network of 125 ATMs with Allpoint's 750 in Michigan, Flagstar offers more surcharge-free ATM access than Chase, Comerica and Standard Federal.
