There was a bit of buzz in the banking world this past week about the rising cost of out-of-network ATM fees. And it reminded me — again! — about the benefits of credit union membership. In its 2015 survey, Bankrate.com revealed the average cost of an out-of-network ATM transaction rose 4% to $4.52. This is a fee that our members never have to pay.
"The most important thing for consumers to know is that all of these fees are completely avoidable," said Greg McBride, chief financial analyst with Bankrate.com. He went on to say that choosing a bank or credit union wisely can make this possible.
I speak to many companies and organizations about the benefits of a credit union, but this study really drives that point home. Members of Hanscom FCU have access to over 100,000 surcharge-free ATMs nationwide — that’s a larger network than Bank of America’s!
To get an idea of how many surcharge-free ATMs we’re talking about, please look at the interactive map on our website. By entering your destination, you can see exactly where the closest surcharge-free ATM is located. This map can be accessed on your mobile device, and it is a feature I recommend you share with your employees.
Out-of-network ATM transaction fees have been on the rise for nine consecutive years. With a credit union membership, you and your employees do not have to be part of that rising statistic.
Instead, I suggest you become part of a different statistic. Currently, about 100 million Americans belong to a credit union. I encourage you to find out why this number is on the rise. Learn more about us at hfcu.org.
To find out how Hanscom FCU can work into your employee benefits plan, please contact me. In addition to the extensive network of surcharge-free ATMs and a suite of financial services, Hanscom FCU also offers free financial education seminars for your employees on a variety of timely topics.