Allpoint ATMs Add Deposit Feature
Cardtronics, the nation’s largest independent ATM deployer, announced June 18 that 2,500 domestic ATMs attached to to its fee-free Allpoint subsidiary will accept deposits by the end of 2014.
The Bethesda, Md.-based Allpoint offers fee-free ATM transactions to card holders of participating institutions, but charges them for their participation in the network. The network claims 55,000 ATMs spread across the domestic U.S., as well as in Canada, Mexico, the U.K. and Australia, and said more than 43,000 of those are in the domestic U.S. Cardtronics said roughly 1,200 financial institutions participate in its network and have a total card base of roughly 60 million cards.
“Credit unions are well represented” among the network’s 1,200 financial institutions, a Cardtronics spokesman wrote in an email to CU Times.
Allpoint said it has added a deposit option to its ATMs’ main menus. Deposits will be envelope-free. If a check is deposited, the ATM will print an image of it on the receipt and if the deposit is cash, the ATM will print a tally of the denominations deposited as well as a total deposit on the receipt.
Previously, only CO-OP Financial Services offered credit unions remote deposit and CO-OP said Allpoint's announcement did not change anything.
"We do not think the Allpoint announcement results in any net new ATM access for credit union members as we believe their deposit-taking units are the same Vcom units we utilize at 7-Eleven stores for CO-OP ATM and CO-OP Shared Branch," said CO-OP Financial Services President/CEO, Stan Hollen. "Allpoint/Cardtronics does not utilize credit union owned ATMs; their machines are all company-owned. So, there is no opportunity for interchange income to credit unions. In contrast, the vast majority of CO-OP ATM transactions occur at credit union-owned machines, not retail locations. The CO-OP ATM network is also the largest credit union-specific ATM network with 30,000 ATMs nationwide. This includes 9,000 deposit-taking ATMs, compared to 2,500 units reported by Allpoint/Cardtronics."