News

U.S. Bank expands ATM-based money transfer program

September 8, 2003

MINNEAPOLIS - U.S. Bank has expanded its Secure Money Transfer, an ATM card-based international money transfer service, so that it is now available in all U.S. Bank branches in 24 states.

According to a news release, the launch follows a successful pilot in three cities -- Denver, Sacramento, Calif., and Madison, Wis.

U.S. Bank Secure Money Transfer allows individuals to send funds to Mexico or within the United States, according to the release. Money may be withdrawn from any of the 20,000 Plus network ATMs in Mexico, or from any of the 364,000 Plus ATMs in the U.S., as soon as a sender puts money into the account.

Senders need not be U.S. Bank checking or savings account holders, although there are added benefits for those who have a U.S. Bank account, according to the release.

Beatriz Cardoza, a banker at the U.S. Bank in Aurora, Colo., believes the product is good because recipients do not have to visit bank branch or other business location to access their funds. "ATMs are everywhere and are active 24-hour-a-day, seven-days-a-week, so it's simple and quick to get funds when needed," Cardoza said.

Secure Money Transfer is $8 for U.S. Bank account holders and $10 for non-account holders. Each transfer may be up to $1,000 not to exceed $2,000 over a 30-day period. There are no monthly maintenance fees and each transfer comes with one free ATM withdrawal, one free ATM balance inquiry and two free customer service calls, according to the release.

To sign up for the service, individuals must present proper identification (such as a driver's license, state issued identification or Matricula Consular issued by the Mexican Consulate), name of the individual receiving the money and funds to deposit into the Secure Money Transfer account at any U.S. Bank branch.

The sender receives a bilingual welcome packet and the recipient in Mexico receives his or her personalized Secure Money Transfer ATM card in a Spanish welcome kit within 10 business days.

Once the account is established, senders may reload the card in person at any U.S. Bank branch using cash, checks, credit cards, debit cards or deposits from U.S. Bank checking and savings accounts. If they are a U.S. Bank deposit account holder or have a credit or debit card, they can establish an automatic recurring transfer from an existing account by calling a bilingual customer service center.

Like many other financial institutions, U.S. Bank has introduced a variety of products and services to attract customers from the burgeoning Hispanic market. (See related stories More U.S. banks provide ATM-based money transfers to Mexico, BofA offers surcharge-free ATMs in Mexico and Unbanked Hispanics proving to be a tough debit sell)

According to the release, U.S. Bank was one of the first financial institutions in America to accept the Matricula Consular as a form of identification when opening an account.

Many U.S. Bank locations have bilingual signage, brochures and other materials. U.S. Bank offers a Spanish-language Web site at usbank.com/espanol with information on core banking products and services for individuals and small businesses, complete with a branch locator that identifies where to find Spanish-speaking U.S. Bank tellers and bankers.

With Freddie Mac and DeOro, a Hispanic mortgage company, the bank also recently introduced a mortgage program tailored to the Hispanic family. A money transfer partnership with Mexico's L@Red de la Gente (The People's Network) will soon be available across the U.S. Bank footprint, according to the release.