BETHESDA, Md. - Money Network, a payroll card provider, has expanded its relationship with the Allpoint surcharge-free ATM network, so that all future Money Network cards will include Allpoint's surcharge-free access built-in.
"Money Network's decision to build Allpoint into all future payroll cards validates that surcharge-free access is very important to employers as well as to the employees," said Ben Psillas, president of Allpoint.
"The size and extent of the Allpoint network is a tremendous benefit to our install base," said Mark Putman, chairman of Money Network.
Adoption of payroll cards is beginning to increase; some industry observers believe that surcharge-free ATM networks may halp accelerate acceptance. According to an October 2003 study by Celent Communications, in conjunction with the Office of the Comptroller, less than 10 percent of the market potential for payrolls cards has been realized.
According to a January 2004 report by Financial Insights, payroll cards are expected to grow significantly over the next three years, from about 2 million cards in 2004 to more than 7 million in 2006.
"One of the biggest concerns we hear from employers today, who are considering offering payroll cards, are the fees associated with the card," Psillas said. "With ATM access fees making up approximately 75 percent of the annualized cost associated with having a payroll card, having a surcharge-free solution such as Allpoint built-in the payroll card will save employees lots of money."
See related story: Free ATM access boosts payroll cards' profile
