University Federal Credit Union (UFCU) has announced its membership in the Allpoint ATM Network, allowing its members to enjoy the convenience of surcharge-free cash withdrawals at over 500 locations in Central Texas and 55,000 locations nationwide. This partnership will provide UFCU members in Central Texas with access to 63% more ATMs, including those in popular retail stores like Target, CVS Pharmacy, and Walgreens, according to a press release.
To find a surcharge-free ATM location, UFCU members can visit the UFCU ATM Locator, as stated by the credit union themselves.
Allpoint is a network that offers the convenience of accessing cash at over 55,000 ATMs without incurring any surcharge fees. These ATMs are strategically located in popular retail stores and are accessible through various financial services providers, such as banks, credit unions, and prepaid card programs. According to the Allpoint website, approximately one in twelve ATMs across the United States is part of the network.
UFCU's decision to join the Allpoint ATM Network comes as a response to the rising ATM fees faced by consumers. In 2022, UFCU members incurred nearly $900,000 in expenses when using ATMs from other financial institutions. Bankrate.com's annual study on checking account and ATM fees for 2023 revealed a record-high average cost of $4.73 for utilizing out-of-network ATMs, reflecting a year-over-year increase of seven cents. Additionally, surcharge fees for non-customer ATM use reached a new high of $3.15, showing a slight uptick from the previous year.
UFCU's Executive Vice President of Member Experience, Chris Turnley, emphasized the credit union's commitment to improving members' financial lives and reducing the cost of accessing their money. "Many banks are all about the bottom line and profit margin - that's their justification for continuing to increase ATM fees in a time when people can least afford it," said Turnley in a press release. "The expansion of our fee-free ATM network locally and nationally is one more step in that direction while adding significant convenience with thousands of locations where they live, work, and travel."
By joining the Allpoint ATM Network, UFCU aims to provide its members with greater access to fee-free ATMs, reducing the financial burden associated with out-of-network ATM usage. Members can now enjoy the convenience of accessing cash without incurring surcharge fees at a wide range of locations across Central Texas and the nation.