WASHINGTON, D.C. - A network of ATMs throughout the U.S. will provide surcharge-free transactions and deposits to customers of financial institutions with little or no ATM presence.
ATM National LLC, a privately-held firm led by a team of experienced banking and ATM professionals, expects to build a network of 30,000 ATMs nationally. The ATMs will primarily be those deployed by large banks, though only one or two major deployers in each part of the country will participate, according to a news release from ATM National.
Financial institutions that have little or no ATM presence, including credit unions, community banks and Internet banks, will be able to offer their customers access to the ATM network at no cost to the customer. The financial institutions will pay a flat monthly fee to join the network.
ATM National announced partnerships with ATM manufacturer Diebold Inc. (NYSE: DBD) and EDS (NYSE: EDS), an information technology and transaction processing company.
Ben Psillas, a co-founder of Effinity Financial Corp., an Internet bank, is the president and founder of ATM National. Steven Karp, vice president of strategy and finance, and Karen Adams Horton, vice president of marketing, join him on the firm's senior leadership team.
ATM National plans to begin operating the network, which it claims is the first new ATM network to launch in two decades, in early 2002.
