News

Banks offer fee-free ATMs for the military

March 24, 2003

WESTBURY, N.Y. and MINNEAPOLIS, Minn. -- New York Community Bank (NYCB), which is comprised of six banks with a total of 109 branches in New York, New Jersey and Long Island, is offering a special program including no-fee ATM transactions worldwide to members of the armed forces and their families.

According to a news release, the program also includes free checking, free online banking and other benefits, in addition to fee-free ATM transactions.

To activate this privilege, according to the release, members of the military must present valid military identification at their local NYCB branch. The branches will also review their records to see if the account was originally opened with a military ID and will adjust the account for any charges automatically.

"The community of men and women in the armed forces is very important to us, particularly in these times of uncertainty -- and we want them and their families to be able to access their accounts wherever they may be asked to go around the world," said Joseph R. Ficalora, NYCB's chief executive, in the release.

The NYCB Family of Community Banks includes Queens County Savings Bank, Richmond County Savings Bank, CFS Bank, First Savings Bank of New Jersey, Ironbound Bank and South Jersey Bank. New York Community Bank operates under the umbrella of New York Community Bancorp, Inc., its $11.3 billion holding company.

Minneapolis, Minn.-based U.S. Bank has a similar offer, according to a report in the Milwaukee (Wis.) Business Journal. Like NYCB,  U.S. Bank is giving its customers who are serving in the military a special account that waives certain fees.

The U.S. Bank offer includes: no charge for transactions completed at non-U.S. Bank ATMs; no monthly checking account maintenance fees; free Internet banking and bill pay; free U.S. Bank checks and discounts on other services; a discount on safe deposit boxes; free customer service, including collect calls from calls made from overseas; and a free debit card.

"With all that our military families have on their minds right now, banking should be the least of their concerns," said Richard Davis, U.S. Bancorp vice chairman for consumer banking and payment services, in a news release.