A partnership with the nation’s largest surcharge-free ATM network will provide University of Iowa Community Credit Union members free access to more than 43,000 ATMs.
Maryland-based Allpoint, an interbank network founded in 2003, does not charge fees to customers of member banks and credit unions.
UICCU member access to Allpoint’s network began Feb. 1.
“As our members travel or move out of region, it has become more costly for them to access cash,” said Jim Kelly, UICCU senior vice president of marketing in a news release. “This partnership will give them the ability to avoid these fees entirely.”
Last year, the average ATM fee in the United States jumped 4 percent to $2.88 per transaction, according to Bankrate.com. Financial institutions in several U.S. cities charge an average of more than $3 per ATM transaction in addition to fees charged by the customer’s home bank or credit union.
UICCU plans to launch an app in the near future that will help members locate the closest free ATM based on their location.
UICCU is Iowa’s largest credit union, with $3.25 billion in assets and 15 branch locations. Established in 1938, UICCU serves more than 140,000 members with 14 offices.
Membership is open to anyone living or working in 52 Iowa and Illinois counties.