BETHESDA, Md., Jan. 15, 2009 (GLOBE NEWSWIRE) -- On the eve of what many experts believe will be re-regulation in the financial services industry prompted by the ongoing financial crisis and discussed openly by the incoming administration, Allpoint Network is flourishing providing surcharge-free ATM access.
Allpoint, America's largest surcharge-free ATM network, has found success by helping banks and credit unions across the nation provide their customers and members with a vital service -- ubiquitous, 24/7 surcharge-free access to their money. Consumers have consistently identified ATM availability as a critical choice factor when establishing a banking relationship, but few financial institutions can compete on their own with the expansive ATM estates of the nation's largest banks.
Tired of searching for his own bank's ATMs, local entrepreneur Ben Psillas launched Allpoint in 2003 to help any financial institution provide an ATM network to rival the very largest. Starting with 23,000 ATMs and a handful of financial institutions, Allpoint now offers more than 35,000 surcharge-free ATMs nationwide (1 out of 12 ATMs in the United States) to over 1,100 financial institutions representing more than 15 million cardholders.
Here is how it works: While most non-bank ATMs levy a convenience fee commonly referred to as a surcharge, at ATMs in the Allpoint network, the participating financial institution picks up the tab for the consumer. The financial institution simply informs its cardholders to use their existing cards at any of the 35,000 ATMs participating in the Allpoint network to receive unlimited surcharge-free ATM access. The result is a happier cardholder and a financial institution that can compete effectively with larger financial institutions using a compelling advantage that resonates with consumers (e.g. twice as many surcharge-free ATMs as the nation's largest bank).
Allpoint has recently expanded outside the United States with the addition of over 2,000 surcharge-free ATMs in the U.K. expanding the value of Allpoint membership internationally. Allpoint members include banks (e.g. ING Direct), credit unions (e.g. State Employee Credit Union of Maryland - SECU-MD), prepaid issuers (e.g. ADP, JP Morgan Chase) and governments that issue debit cards (e.g. New York State Department of Labor "Direct Payment Card"). More than 130 financial institutions in Maryland, Virginia, and Washington DC participate in Allpoint.
About Allpoint:
Allpoint, a division of Cardtronics (Nasdaq:CATM), is America's Largest Surcharge-Free ATM Network, with 35,000 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.
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