A group of community banks in South Carolina plans to launch a surcharge-free ATM network for the state in September.
The network called PAL (Personal ATM Location) is expected to include 300 ATMs by year's end, according to an article in The State newspaper in Columbia, S.C. Through PAL, customers of the participating banks will be allowed to use another member bank's ATM without paying a surcharge.
PAL follows the emergence of alliances from several states, including Massachusetts, California and Pennsylvania. Leaders of those networks say the alliance is a good way to promote the strengths in personal service provided by smaller community and regional banks over larger, multi-state banks.
The alliances also allow smaller banks with few terminals to boost their ATM infrastructure by allowing their customers access to a wider network of ATMs owned by other financial institutions.
Charging $1 to $2 for a customer to use another bank's ATM gives the larger banks a competitive edge over the smaller banks, leaders of PAL told The State. PAL will offer the smaller banks a means to compete by increasing the number of ATMs customers can access surcharge free.
PAL automated teller machines will be installed at non-bank sites, such as convenience stores and restaurants, along with some bank locations. The ATMs will only offer cash withdrawals.
Customers whose banks aren't members of PAL will be charged $1.50 to use the network's ATMs.
More than 30 South Carolina banks will participate in PAL, which will officially debut at the annual meeting of the Independent Banks of South Carolina in Hilton Head.
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