PULSE, the ATM network owned by Discover Financial Services, has launched a surcharge free ATM network in a deal with the MoneyPass Network.
PULSE claimed 4,500 participating financial institutions, banks thrifts and credit unions. MoneyPass is owned by Elan Financial Services, a subsidiary of US Bank.
According to an announcement of the deal, the combined PULSE/MoneyPass surcharge free network will include 16,000 ATMs that will be surcharge free to cardholders but will likely carry a fee for the participating institutions. PULSE is holding its annual conference this week and has not yet commented on what the pricing structure for the new network will be.
"In today's economic environment, consumers are looking for ways to cut costs, while maintaining convenient access to their money," said Judith McGuire, PULSE senior vice president, product management in a prepared statement. "In response, the PULSE Select/MoneyPass network provides financial institutions with an economical solution, while driving customer loyalty and creating a competitive advantage to help participants attract new cardholders."