Fiserv extends surcharge-free MoneyPass ATM network to Capital One customers
By Pavithra R
Fiserv, a leading global provider of financial services technology solutions, has signed a new agreement with Capital One to offer customers a secure, convenient, surcharge-free access to their funds at thousands of ATMs across the nation.
According to Mercator Advisory Group survey, 77% of U.S. consumers are reluctant to pay ATM surcharges, with 65% actively seeking out ATMs that are in surcharge-free networks. The average ATM surcharge ($3.09) reached a record high for the 15th consecutive year and is 2% higher than it was the year prior, based on a report from Bankrate.com (October 2019).
Under the agreement, more than 1,500 Capital One ATMs will be added at Capital One branches, Cafés and select off-site locations to the MoneyPass ATM network, a surcharge-free networks from Fiserv. Capital One 360 Checking customers will be able to perform unlimited surcharge-free transactions at 34,000 additional MoneyPass ATMs nationwide. Full availability for Capital One customers is anticipated in mid-January this year.
“ATMs have become critical physical touchpoints for financial institutions, keeping them connected to their customers through a multitude of services. Surcharge-free access to funds at the ATM continues to be one of the most coveted account holder perks, and we are excited to now offer this benefit to customers through our premium network of desirable ATM locations nationwide,” said Himanshu Patel, executive vice president of Card Services at Fiserv.
More than 1,900 organizations and 130 mn cardholders rely on the MoneyPass network. Surcharge-free ATM access allows FIs to create value for their customers and boost their bottom line as FIs no longer have to direct resources toward growing their ATM fleet.
Established in 1984, Fiserv is a global provider of payment and financial services technology. The FinTech aspires to move money and information in a way that moves the world. The FinTech is a member of the S&P 500 Index and the FORTUNE 500 and is among FORTUNE World’s Most Admired Companies.
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