Consumer Angst over Surcharge Fees? Not at Allpoint.



In a CNBC news story today, Bankrate.com chief financial analyst Greg McBride said, "When it comes to ATM and overdraft fees, a little advance planning can go a long way.  Knowing where you can make free ATM withdrawals and monitoring your available balance to avoid overdrafts are as close as your smartphone."

McBride was talking about Bankrate.com’s 2017 Checking Account Study, which was released today.  But we think he was also talking about two of our favorite things:  Allpoint Network and cash

Allpoint – the largest surcharge-free ATM network with 55,000 ATMs worldwide, and a wholly owned subsidiary of Cardtronics – enables financial institutions to provide their cardholders surcharge-free access to cash at ultra-convenient, daily destination retailers, and without any angst over ATM fees.  

While financial institutions certainly understand their cardholders’ desire to access their cash surcharge-free from conveniently located ATMs, it simply isn’t feasible – financially or logistically – for all but an extremely small number of the big banks to operate thousands of ATMs nationwide, let alone worldwide. Fortunately, because of the Allpoint surcharge-free ATM network, they don’t have to.

Indeed, Allpoint ATMs are already conveniently located inside high-profile retail locations, stores that people know and trust, stores that are part of their day-to-day routine, stores that are easy to find while traveling. Nationwide that means most CVS Pharmacy, Target, and Walgreens locations, and the Kroger family of grocery and convenience stores, Speedway convenience stores and many more. And on top of that, Allpoint ATMs are conveniently located in many regional and local favorites as well.  Allpoint ATMs are placed in those stores precisely because of how convenient they are. Because those stores are already part of people’s lives, Allpoint ATMs can save them time in addition to helping them avoid an ATM surcharge fee.

Allpoint Network also comes to mind when McBride talked about the smartphone being a source for helping consumers find surcharge-free ATMs.  The Allpoint app helps cardholders find out if their financial institution is a member, where to find in-network ATMs, as well as get alerts when they are near a network ATM.

McBride was also right to advise that consumers use their financial institution’s app to watch their account balances.  In fact, many consumers have gone beyond watching balances and are using cash to keep from overspending.  In our own 2017 Health of Cash Study, approximately 75 percent of consumers said that using cash helps them control their spending.

Bankrate.com assists U.S. consumers by keeping them abreast of the costs of checking accounts, and by suggesting ways to avoid or lower some of those costs. Unfortunately, though, in suggesting to Bloomberg that people are transitioning away from cash, Bankrate went outside the bounds of its checking account survey, and of demonstrated consumer behavior.

Now in its third year, our Health of Cash research program – which studies how Americans choose and use cash, cards, and mobile in the digital age – finds cash is deeply woven into the fabric of Americans’ payment behavior. Moreover, the Health of Cash data is clear: consumers want to continue to have the choice to pay with cash, just as they want to have a choice and a way to avoid ATM surcharge fees.

The Allpoint surcharge-free ATM network gives them that choice. 

Tom Pierce

Chief Marketing Officer

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