Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MERRIFIELD, Va. – Navy Federal’s recent decision to start surcharging foreign users of its ATMs had nothing to do with its recent decision to join the CO-OP Network, according to Navy Federal spokeswoman Loren Moeller. Navy Federal, the world’s largest credit union, is a $17 billion institution based in Merrifield, Virginia. The credit union joined CO-OP Network in mid February. “We didn’t announce the decision to surcharge at the same time as joining the CO-OP because they really weren’t related,” Moeller said. The institution decided to start surcharging foreign users as a way of raising the funds needed to add more machines to its 262 machine ATM system, she explained, and would have done so whether it joined CO-OP Network or not. Under CO-OP’s reciprocal surcharge free network, Navy Federal agreed not to surcharge credit union cardholders whose institutions are also part of the Network. Moeller also noted that under the previous situation Navy Federal had, in effect, been subsidizing other financial institutions ATM policies. The credit union had also determined that its own members represented a significantly high portion of its ATM users and that surcharging foreign members would not have much of an impact on the credit union’s ATM transaction income.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.