“Not enough ATMs” is one of the most common objections to joining a credit union. But a new program at Virginia Credit Union is overcoming that objection, not by building more ATMs, but by rebating the ATM fees charged by others.
Virginia Credit Union
(Richmond, VA – December 7, 2012) --- “Not enough ATMs” is one of the most common objections to joining a credit union. But a new program at Virginia Credit Union is overcoming that objection, not by building more ATMs, but by rebating the ATM fees charged by others.
The rebates have few restrictions and will take effect when members use another institution’s ATM for a cash withdrawal from their checking accounts.
“When you build a new ATM, you increase convenience only for those who live or work near it. By going with surcharge rebates, we are now enabling our members to use ATMs virtually anywhere and have surcharge fees returned,” explained Deb Wreden, senior vice president of product and delivery strategy.
The program went into effect in November and the first surcharge rebates were credited to member accounts December 3.
Virginia Credit Union will rebate up to $8 per month in ATM surcharges for Virginia Credit Union checking accounts that qualify. To receive surcharge rebates, members just use their debit card for the withdrawal and have a qualifying direct deposit to their checking account.
ATM surcharges are fees assessed by other institutions for using their ATM to get cash. The amount of the surcharges varies, but is typically $2 - $5 per withdrawal. Surcharges are in addition to the network fee that customers’ own financial institutions charge for providing access to other network ATMs.
Virginia Credit Union already provides its members up to four checking withdrawals per month at other institutions’ ATMs with no fee from VACU. VACU members also enjoy free access to the ATMs at all WAWA locations in Virginia. In addition, Virginia Credit Union continues to offer free checking with no minimum balance requirements.
A member-owned financial cooperative with more than 220,000 members, Virginia Credit Union provides a variety of affordable banking services, loans and mortgages, checking and savings services, and financial education resources. Virginia Credit Union is federally insured by NCUA and is an equal housing opportunity lender. For more information, visit www.vacu.org.