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AUSTIN, Texas, September 11, 2023 — UFCU, Austin’s largest locally owned financial institution, announced today that the credit union has joined the Allpoint ATM Network — enabling Members to withdraw cash without any surcharge fees at more than 500 locations throughout Central Texas and 55,000 locations nationwide. UFCU Members can visit the UFCU ATM Locator to find a surcharge-free ATM location.
In Central Texas, UFCU Members now have access to 63% more fee-free ATMs — one of the largest networks of its kind — including machines inside popular retail stores such as Target, CVS Pharmacy, and Walgreens.
ATM fees continue to be a pain point for consumers. In 2022, UFCU Members paid almost $900,000 to other financial institutions to use their machines. At a national level, in their annual checking account and ATM fee study, Bankrate.com found that the average combined cost to use an out-of-network ATM rose to a historic high of $4.73 in 2023 — a year-over-year increase of seven cents. They also found that surcharge fees for non-customer ATM use rose to a new high of $3.15 — up slightly from the previous year.
“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. As a Member-owned cooperative, UFCU is continually evaluating ways to improve Members’ financial lives and lower the cost of accessing their money,” said UFCU Executive Vice President of Member Experience Chris Turnley. “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.”
About UFCU As a Member-owned, not-for-profit financial cooperative, UFCU is passionate about helping people improve their lives to create a financially healthy community. With more than 368,000 Members in Central Texas and Galveston County and total assets under management of $4.6 billion, UFCU offers a variety of products, services, and education programs to empower members in achieving financial health. More information about the credit union can be found on its website www.ufcu.org or its social media platforms: Facebook, Twitter, Instagram.