DENVER — Marking a stepped up attack on high bank fees, Bellco Credit Union announced today it has halted all foreign ATM charges.

The new no-fee policy, which goes “against the grain” of typical practice, applies to all users of Bellco's 60 ATMs in metro Denver, said the CU.

In a statement, Bellco President/CEO Doug Ferraro explained the no-fee policy clearly demonstrates that CUs “make a difference” among financial competitors adding that a CU like his can waive the fees “just because we can.”

No estimate was provided on how much the no-fee policy would cost the CU in revenue.

The policy is formally effective Oct. 22 but “is already in place,” said a spokeswoman.

Without naming Bank of America or Wachovia Bank, Ferraro alluded in the statement to the $3 ATM fee first initiated in July and which has stirred opposition from consumer groups.

“Everyone has felt the pinch of being somewhere in need of cash and the only ATM charges a fee,” said Ferraro. “According to the consumer reporting group, Bankrate.com, Americans waste $4 billion each year making these types of ATM withdrawals.”

Ferraro said he hopes consumers “will remember Bellco” the next time they feel stuck on paying the ATM fees.

Instant Insights /

Bellco Waives Foreign ATM Fees

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