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PenFed CU names Cardtronics worldwide outsourcing partner

June 14, 2018

PenFed Credit Union — America's second largest federal credit union with more than $23 billion in assets and 1.7 million members worldwide — has named Cardtronics its worldwide outsourcing partner for branch and off-premises ATMs.

According to a press release, the move represents an expansion of a relationship between PenFed and Cardtronics that was established in 2013.

An initial ATM branding agreement with Cardtronics allowed PenFed to expand surcharge-free ATM access to eligible members in the U.S. Under a long-term agreement, the credit union's name and logo appear on ATMs at more than 180 CVS Pharmacy, Rite Aid, Target and Walgreens locations concentrated in the eastern U.S.

In 2015, PenFed joined the Allpoint surcharge-free ATM network, which includes 55,000 ATMs worldwide.

Today, Cardtronics also operates and manages a portfolio of more than 135 branch and off-premises ATMs for PenFed in the United States, and on U.S. military bases in Guam, Puerto Rico, and Okinawa, Japan.  

"Looking to Cardtronics as our ATM channel manager enables us to do more for our members, who want what all consumers want: convenient surcharge-free ATM access to cash, even as they go digital in other areas of their PenFed relationship," said Kevyn Myers, executive vice president, chief operating officer and president of mergers and acquisitions integration and payment systems for the CU. "Entrusting the management of our global ATM network to Cardtronics, with its unique scale and channel expertise, is perfectly aligned with PenFed's mission and purpose to take perfect care of our members."

Brian Bailey, Cardtronics managing director for North America, said that the ATM is becoming an increasingly important touch point for member engagement and retention. Entrusting this channel to Cardtronics "is enabling PenFed to redeploy capital, focus on transformative digital initiatives and continue offering ATM access that is second to none," he said.