BETHESDA, Md., June 4, 2008 (PRIME NEWSWIRE) -- Chevron Federal Credit Union (CFCU) and Technology Credit Union have a combined total of more than $2 billion dollars in assets and over 130,000 members. Joining Allpoint Network will allow them to provide increased surcharge-free ATM access for their members and manage their exposure to rising ATM surcharges. These top credit unions will now offer more than 8,500 surcharge-free ATMs in California and over 50,000 nationwide, surpassing Bank of America by more than 4,500 and 30,000 ATMs respectively. The Allpoint card model will enable both credit unions to secure a fixed cost structure for unlimited use at Allpoint ATMs that limits both credit union and member exposure to rising surcharge rates. The national average surcharge surpassed inflation by more than 300% in 2007 and Bank of America recently announced that their surcharge rates would rise from $2.00 to $3.00, a 50% increase.
"Chevron Federal Credit Union (CFCU) is excited about joining the Allpoint Network and offering our members access to more surcharge-free ATMs nationwide," said Suzanne Walden, Vice President of Marketing at Chevron Federal Credit Union (CFCU).
"Technology Credit Union is adding the Allpoint ATM Network to provide members with access to additional surcharge-free ATMs that are available at familiar shopping and destination points around the nation and in particular, the greater Bay Area of California," said Sr. Vice President of Technology Credit Union, Michael Luckin. "Our members have asked for more free ATM access and by adding Allpoint's ATM Network, we're responding in a very significant way."
"These top California credit unions continue to grow and lead by enhancing member value through initiatives such as nationwide surcharge-free access," said Ben Psillas, Founder and President of Allpoint. "Allpoint allows credit unions to limit their exposure to rising surcharges affecting their surcharge reimbursement strategy while satisfying a broader member need for surcharge-free ATMs."
About Allpoint
Allpoint, a division of Cardtronics (Nasdaq:CATM), is America's Largest Surcharge-Free ATM Network, with 32,000 ATMs in leading national and regional merchant locations across the country. Allpoint provides greater access, convenience and savings to customers of financial institutions with limited ATM presence while providing the institutions with the tools to compete more effectively for customers. For more information or to find the nearest Allpoint surcharge-free ATM, visit the company's web site at www.AllpointNetwork.com.
The Allpoint Network logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=2368
About Chevron Federal Credit Union
Since 1935, Chevron Federal Credit Union (CFCU) has served the financial needs of the employees of Chevron Corporation, its subsidiaries, and related organizations, and is currently the largest credit union dedicated to serving the employees of an energy company. As of May 2008, CFCU had over $1.2 billion in total assets, over $540 million in Real Estate loans, and over $140 million in Consumer Loans.
CFCU serves more than 65,000 members in all 50 states (and Washington, D.C.) and in 67 countries worldwide. It operates 18 branches and 38 ATMs at locations in California, Texas, Louisiana, Mississippi, Hawaii, and Alaska. CFCU's corporate office is in Oakland, California.
For more information, please visit CFCU's website www.chevronfcu.org.
About Technology Credit Union
Technology Credit Union is a full-service, member-owned financial institution serving technology and business professionals in California and their families, as well as individuals who work, live, go to school or regularly worship in Santa Clara, Alameda, Contra Costa, Santa Cruz, San Mateo and San Francisco counties. Tech CU began in 1960 and is now among the top 1 percent of the nation's largest credit unions. With more than 78,000 members, over $1 billion in assets and 10 full-service branches around the Bay Area, Tech CU is a leader in the credit union industry.