Leading CU ATM and POS networks Credit Union 24 and Alliance One have announced that they will soon share members.
In a joint announcement, the two proclaimed a “reciprocal marketing arrangement” under which members of credit unions that participate in Credit Union 24 will be able to use the surcharge-free ATMs from credit unions that participate in Alliance One without their credit unions paying Alliance One a utilization fee.
Likewise, credit unions that participate in Alliance One through membership in the Corporate One Federal Credit Union will be able to add Credit Union 24 to their ATM programs and receive a $300 rebate on their setup fees.
“According to our recent credit union industry survey, ATM usage among credit union members remains steady, with fewer credit union leaders citing a decrease in ATM usage, as behavior was trending in the past,” said Jim Park, CEO of Credit Union 24. “This combined with national trends illustrates how consumers are continuing to rely more heavily on cash-based transactions, dictating the need for our industry to maintain and expand fee-free ATM access for our members. Alliance One’s cooperative structure mirrors the very foundation of our movement, and it’s a business model that Credit Union 24 embraces wholeheartedly. To be able to provide expanded surcharge-free ATM access without negatively impacting the bottom line is a win-win situation for everyone involved, particularly the credit union member.”
Lee Butke, CEO of Corporate One, agreed. “Providing credit unions with expanded ATM and POS access helps them compete with larger financial institutions and provide the very best services to their members. Credit Union 24’s philosophy of focusing on the credit union and their cardholders is so closely matched with ours; working together to provide additional ATM/POS and surcharge-free locations was a natural fit.”
Credit Union 24 claims 100,000 ATM terminals in financial institutions and retailers across the country. Alliance One claims 5000 fee-free ATM terminals in 43 states.