News

Fla. credit union joins Allpoint

July 13, 2004

BETHESDA, Md. - The $630 million IBM Southeast Employees' Federal Credit Union of Boca Raton, Fla., has joined the Allpoint surcharge-free ATM network.

Allpoint was created to provide customers of financial institutions with greater access, convenience and savings, while enabling their financial institution to compete more effectively with larger financial institutions.

According to a news release, many of Allpoint's surcharge-free ATMs are located within national retailers such as Target and Costco, as well as Winn-Dixie and Walgreens in Florida.

"Access to surcharge-free ATMs has long been a priority need voiced by our membership.  Allpoint delivers an excellent solution for that need," said Lary B. McCants, president and chief executive of IBM Southeast Employees' Federal Credit Union.

"When one of the main reasons consumers join a financial institution is ATM access, it is very hard for credit unions to compete with banks such as Bank of America and Wachovia," said Ben Psillas, president of Allpoint. "It is a very powerful marketing message when a credit union like IBMSECU can now say they offer more surcharge-free ATM access than Bank of America, both nationwide and in their home state of Florida." 

According to the release, Allpoint member credit union ATMs do not participate. Members are not required to make a processor conversion or issue new cards. Also, card-based pricing provides a predictable cost structure.