Why Credit Unions Should Have Surcharge-Free ATMs?

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Learn more about credit union ATM fees. Find out why some businesses may offer surcharge-free options.

More and more customers are moving switching to digital banking. That means e-wallets, payment apps, credit unions, and other equally convenient options. And yet, cash still hasn’t disappeared. Growing support for digital payments doesn’t mean cash will go away anytime soon. Given the rising bank fees, people often look for ways to save on costs. One of those options includes surcharge-free ATMs. Here’s a look at why credit unions may think about offering them. 

Why Choose Credit Unions? 

Credit unions provide the same financial services that banks do. However, they are known for offering better customer service than banks. Credit unions also have a reputation for being more flexible with their terms. Members have a chance to get their loans approved in a way that national banks never would. But another advantage they offer is the ATMs. Credit unions charge fewer and lower processing fees than banks. As a result, members can save more money using a credit union. In the right setting, like college campuses, for instance, ATMs free of a surcharge can bring numerous benefits. 

Why Should They Be Surcharge Free? 

Banks have stockholders. That’s why they need to increase fees to generate more profits. A credit union ATM, on the other hand, typically has lower fees. That’s because credit unions are run by the members. That’s one of the many ways credit unions attract new account holders. That’s the same idea at work. A business that offers a surcharge-free ATM can appeal to new customers. If you are looking to grow your membership, you may want to consider offering ATMs with no surcharges. Other fees will still apply, of course. But by offering ATMs with no surcharge, you offer customers a way to reduce their fees. Many Millennials and Gen z consumers find that appealing. 

Benefits of a Surcharge ATM

When a business offers a surcharge-free ATM, customers can enjoy the following benefits: 

  • Customers save money. Cost-saving offers appeal to most customers. Besides, the cost-savings may not amount to much in one go, but when they all add up, they can be a lot. Consider how much that makes in a year. That’s one way to attract more customers. 
  • Convenience. Easy access to money is one of the reasons ATMs remain popular. It will be a long time in the coming before consumers find no use for ATMs any longer. For now, that’s a far-off future. These cash machines provide an easy, convenient way to access cash with reduced fees. Users won’t have to worry about paying more money. 
  • Time savings. One of the things people worry about when they sign up for a credit union is ATM access. Some believe there aren’t a lot of ATMs, so that cuts down on easy access and time savings. One way to avoid that is to check which credit unions have branches near them. Customers can easily research online if there are nearby branches. That way, they can access money and still be near enough to save time for every one of those runs.