At a time when your cardholders are being squeezed for additional money at the ATM, your involvement in Alliance One is more significant than ever.
Alliance One allows you to cost-effectively (less than $.10 per ATM) provide members lower fees at a vast alliance of ATMs across the country.
ATM fees pack a hefty punch when it comes to profits (for banks, that is). According to SNL Financial and CNN Money, America's three biggest banks—JPMorgan Chase, Bank of America and Wells Fargo—earned more than $6 billion just from ATM and overdraft fees last year.
In fact, ATM fees are such a hot topic of frustration that they have also become a presidential campaign issue. A recent article by CNN Money’s Heather Long said that Hillary Clinton called ATM fees "usurious," and Bernie Sanders stated if he gets elected as president, he will limit ATM fees to $2.00.
Long’s article went on to quote Sanders from a recent speech: "In my view, it is unacceptable that Americans are paying a $4 or $5 fee each time they go to the ATM," he said. However, since ATM fees have steadily risen for almost a decade, it seems the upward trend will only continue.
For example, ATM fees increased significantly in 2015, reaching an all-time high of $4.52 on average each time a cardholder uses an out-of-network ATM (2015 Bankrate Checking Survey).
Fortunately, participation in Alliance One allows cardholders to have nearly 4,900 options for selective surcharge-free ATMs at more than 820 financial institutions. If you participate in Alliance One, it means your cardholders can keep that nearly $5.00 in ATM fees in their own pockets.
Why not share the gift of Alliance One by suggesting it to another credit union?