Oct 3 - Cardtronics Inc. (Nasdaq:CATM), a retail ATM owner, has launched FeeAlert, a new product that enables financial institutions to help their customers save money by steering them toward nearby in-network ATMs and away from ATM fees.
With FeeAlert, banks and credit unions can actively support their customers' efforts to avoid ATM fees by raising account holder awareness of their in-network ATM options in a personalized way. On analyzing an individual's real-world ATM usage behavior, FeeAlert enables financial institutions to deliver a highly relevant list of nearby surcharge-free ATMs - including surcharge-free network ATMs. In effect, FeeAlert remembers to check for nearby in-network ATMs even when a customer forgets to use their financial institutions' ATM locator, thereby positioning banks and credit unions as delivering helpful, potentially cost-saving reminders to their customers.
"Surcharge-free ATM accessibility is largely driven by awareness - a cardholder can't use an in-network, surcharge-free cash machine if they don't know it's there," said Rick Updyke, president, U.S. Business Group, Cardtronics. "With FeeAlert, when a cardholder uses an out-of-network ATM and pays the fee, their financial institution can send a personalized text or email alert to the cardholder's mobile phone - steering them to nearby in-network, surcharge-free options."
How it Works: Consumer perspective
After enrolling in the FeeAlert program, cardholders at participating banks and credit unions, on using out-of-network fee-charging ATMs, will receive a personalized text or email alert from their financial institutions, pointing them to the nearest in-network, and therefore surcharge-free, ATMs.
How it Works: Financial institution perspective
Added Updyke: "For financial institutions, for their cardholders, for Cardtronics, for our merchant partners, FeeAlert delivers value across the board. Avoiding ATM fees is hardcoded into cardholder DNA, so if a financial institution puts itself in the position of using FeeAlert to actively help its cardholders save money, the loyalty-building opportunity is obvious. And for Cardtronics, because the nearby surcharge-free option will often be one of our bank-branded or surcharge-free Allpoint Network ATMs, hosted by a premier, daily destination retailer, the volume of both ATM transactions and cash-in-hand customers gets a boost."
About Cardtronics (Nasdaq:CATM)
Making ATM cash access convenient where people shop, work and live, Cardtronics is at the convergence of retailers, financial institutions, prepaid card programs and the customers they share. Cardtronics owns and operates more than 61,200 retail ATMs in United States and international locales. Whether Cardtronics is driving foot traffic for America's most relevant retailers, enhancing ATM brand presence for card issuers or expanding card holders' surcharge-free cash access on the local, national or global scene, Cardtronics is convenient access to cash, when and where consumers need it. Cardtronics is where cash meets commerce.