SURCHARGE-FREE ATMS LINK UP.Byline: Gregory J. Wilcox Daily News Staff Writer Seven financial companies Tuesday formed an alliance that will reduce the cost of grabbing cash on the run. The alliance, composed of six banks and a credit union cooperative, pledged not to levy a surcharge when noncustomers use one of their automatic teller machines through a 13-state network of 2,250 terminals, most of them in California. ``We believe there is public support for such a consumer-friendly approach, which becomes more valuable every time the alliance adds new members,'' said Richard C. Hartnack, vice chairman and head of community banking for Union Bank of California Union Bank of California is one of the 30 largest commercial banks in the United States. It has 327 branches, the majority of which are in San Diego, Los Angeles and Orange Counties. . It's also an attempt to draw business away of from two big San Francisco-based financial institutions, Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. and Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Bank, both of which levy a $1.50 surcharge each time a noncustomer uses one of their ATMs. Bank of America has about 3,800 machines in California and Wells Fargo has more than 3,000. Late last year, Bank of America began levying a $1.50 surcharge for noncustomers on top of the network transaction fee and Wells Fargo shortly followed suit. Representatives of both banks said that the surcharge is fair. ``We've invested millions of dollars in building the ATM network for our customers. It's a very convenient system and we think it's appropriate for noncustomers to pay a nominal fee for the privilege of using the system,'' said Russ Yarrow yarrow, a plant of the genus Achillea, perennial herbs of the family Asteraceae (aster family), native to north temperate regions. Several species are cultivated as ornamentals for their flat-topped clusters of flowers and scented foliage. , a Bank of America spokesman. Kathy Shilkret, a Wells Fargo spokeswoman, said consumers are appraised of the surcharge by a sticker on the ATM and an electronic message that pops up on the screen at the start of the transaction. ``We believe the marketplace will decide on this,'' she said. ``It's a voluntary thing. There are other ways to get cash if you didn't want to use an ATM and get surcharged.'' Officials at Home Savings of America said they will soon be levying the surcharge at the company's 398 ATMs in California. Members of the alliance are Sanwa Bank California, Glendale Federal Bank, Union Bank of California, Coast Federal Bank, Sumitomo Bank, Bay View Federal Bank of San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden and CU Cooperative Systems Inc., which operates ATMs for about 300 credit unions. Keith Karpe, a Sanwa Bank spokesman, said the number of machines in the alliance could grow to more than 3,000 in the near future. ``This is a little unfair,'' he said of the surcharges for ATM card An ATM card (also known as a bank card, client card, or cash card) is an ISO 7810 card issued by a bank, credit union or building society. Its primary uses are: CAPTION(S): Photo, Chart Photo: (Color) Signs at a Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. Sanwa Bank branch alert customers to the no-surcharge policy. Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. Chart: (Color) FEE FREE ATM$ Daily News |
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