Credit unions that have been partnering with Keybank for surcharge-free ATM access are looking for other partners for access after the bank sent them a letter saying that it was ending its surcharge-free access program.
The letter did not give a reason for the pullout, but its Website has reported that the bank, which reported assets of $105 billion as of the end of last year had also lost $524 million in the last quarter of last year. The bank has announced it will share is first-quarter earnings on April 21 of this year.
The bank said the ATM surcharge-free ATM access would end as of May 1.
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Ben Psillas, CEO of the Allpoint Network, a subsidiary of the Cardtronics ATM deployer, reported that Allpoint had calls from about 20 credit unions so far that wanted to talk about possibly joining Allpoint to regain surcharge-free ATM access for their members. CO-OP Financial Services has not yet returned calls about inquiries it might be receiving.
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