AUSTIN,Texas — Doug Miraglia says 2009 will be the year of the surcharge-freeATM network. The president and founder of the MoneyPass Network saysthe timing is right. The economic recession, coupled with financialinstitutions’ need to get back to basics and focus on their corecompetencies, has created the perfect storm for change.
“I see surcharge-free networksreally taking off. Banks and credit unions have done a great jobeducating their customers about using our ATMs, and consumers get it,”Miraglia said. “On-us transactions, while nice, are not necessarily thebest way to go these days. By working with a surcharge-free network,the bank or credit union immediately has a larger footprint withouthaving to invest in more ATMs.”
PULSE announced the deal yesterdayduring its Debit ReDefined conference in Austin, Texas, when itannounced the launch of its PULSE Select surcharge-free ATM network.The alliance with the MoneyPass Network, which is owned by U.S. Bank/Elan Financial Services, gives PULSE and MoneyPass surcharge-free ATM access to more than 16,000 ATMs throughout the United States.
“In today’s economic environment,consumers are looking for ways to cut costs, while maintainingconvenient access to their money,” said Judith McGuire, PULSE’s seniorvice president of product management. “In response, the PULSESelect/MoneyPass network provides financial institutions with aneconomical solution, while driving customer loyalty and creating acompetitive advantage to help participants attract new cardholders.”
FIs participating in the PULSE Select/MoneyPass network are immediately able to provide the network to their cardholders.
“We saved our cardholders $30million in 2008 in waived surcharge fees,” Miraglia said. “So thisoffers an excellent opportunity for PULSE, since they don’t have tobuild their own surcharge-free network organically. It’s a win-win.They get access to MoneyPass and we get to build on the excellentreputation PULSE has with banks and credit unions.”
The two companies have been in talkssince last year. MoneyPass has a similar deal with the NYCE network,though PULSE and MoneyPass have agreed to actively cross-promote theunion through logos and ATM promotions. Both NYCE and PULSE havereseller agreements with MoneyPass.
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