News

Allpoint ATM network adds new members, raises more capital

July 23, 2003

BETHESDA, Md. -- The Allpoint surcharge-free ATM network says that it has signed 12 new
customers, including SEFCU, one of the nation's largest credit unions with 116,000 members in New York state.

Other new Allpoint members include credit unions and community banks in Ohio, Illinois, Maryland and Washington, D.C., according to a news release.

Allpoint, which offers ATM access to customers of financial institutions at more than 24,000 machines operated by Cardtronics and E*Trade, also says that it has received approximately $1.1 million in additional funding from several Washington D.C. and Baltimore-area investors.

According to the release, the capital will be used to further expand customer acquisition programs, marketing and promotions and network operations.

Allpoint President Ben Psillas said that a key differentiator between Allpoint and other shared surcharge-free ATM networks is that Allpoint members join as card issuers only and are not required to add their ATMs to the network. Allpoint also has more ATMs in retail locations than any other shared network, he said.

(See related stories New network offering surcharge-free ATM access, ISOs getting brand consciousand Allpoint ATM network signs payroll card provider)

According to a report in the Business Review, SEFCU customers will pay a 95 cent fee to use the Allpoint machines, including 1,800 locations in New York state. The service will begin in August.

"Our goal of providing SEFCU members with superior service and convenient access to their funds extends beyond our branch locations," said Michael Castellana, SEFCU's chief operating and financial officer, in the release.

Allpoint provides an ATM locator on its Web site.