News

Genpass creates new surcharge-free network

November 20, 2003

IRVING, Texas - Genpass, Inc., manager of the MoneyMaker and Money Belt EFT networks, has created a surcharge-free network called MoneyPass for MoneyMaker and Money Belt participants and other Genpass customers.

Union Planters Corporation (NYSE:UPC), the largest bank holding company headquartered in Tennessee with nearly 900 ATMs located in 12 states, was the charter participant in the new network, according to a news release. More than 100 other financial institutions have joined MoneyPass in its first month of operation.

"Union Planters is thrilled to be participating in MoneyPass. As ATM transactions have dropped over the last few years because of surcharging, we have been seeking ways to get consumers excited about using our ATMs more often. We believe that MoneyPass is the perfect solution to make that happen," said Tom Burge, chief information officer of Union Planters, in the release.

There has been a flurry of surcharge-free network activity in the past year, with MasterCard International modifying its membership rules to allow its members to form bilateral or multilateral surcharge-free ATM alliances (see related story MasterCard modifies rules to allow surcharge-free ATM alliances) and the establishment of the Allpoint network, which is comprised of the ATM networks of two of the country's largest independent ATM operators (see related stories New network offering surcharge-free ATM access, Allpoint ATM network adds new members, raises more capital and Citicorp EFS joins Allpoint ATM network)