Interest rates aren’t the only things rising these days. The 2017 Bankrate checking account survey reported that the average cost of an out-of-network ATM withdrawal is now $4.69, which is an increase of 2.6 percent from a year earlier. Other ATM-fee increases include the following:
- The total cost of an out-of-network withdrawal had an average annual increase of 4.7% over the past 19 years.
- ATM fees on withdrawals made from a bank where cardholders do not have an account hit a record high for the 11th year in a row.
- The average ATM surcharge was $2.97, an increase of 2.4 percent from a year earlier.
- The average fee banks charge to use another bank’s ATM was $1.72, up nearly 3 percent from a year earlier.
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.
As a participant in Alliance One, your financial institution is providing an increasingly valuable benefit to your cardholders—one that notably reduces the burden of rising ATM fees by offering an expanded ATM footprint. And, one that helps them keep using your card.
With Alliance One, cardholders have more than 5,000 options for selective surcharge-free ATMs at more than 700 financial institutions, which means your cardholders can keep that nearly $5.00 in ATM fees in their own pockets. Alliance One also has a convenient mobile app featuring a geolocation-enabled map that can show your cardholders where the nearby ATMs are.
Why not share the gift of Alliance One by suggesting it to another credit union?
Source: “Checking account fees surge. Here’s how to dodge them”