Surcharge-free ATM Network Available for Credit Unions; -- First credit union transaction completed on InterCept Switch --.ATLANTA--(BUSINESS WIRE)--July 17, 1998--InterCept Switch Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of The InterCept intercept in mathematical terms the points at which a curve cuts the two axes of a graph. Group Inc. (AMEX AMEX See: American Stock Exchange :ICG ICG indocyanine green. ), recently announced the addition of two credit unions to the company's surcharge-free ATM network, InterCept Switch. General Electric Federal Credit Union of Rome, Ga. and Emory Federal Credit Union of Decatur, Ga. have joined the InterCept Switch and recently completed the first transaction between two credit unions on the network. Surcharging for ATM use has grown since April 1996 when national and regional ATM networks decided to allow member institutions to apply surcharges to transactions performed by non-customers. With many large regional banks nationwide imposing surcharges on outside transactions, small credit unions and banks are finding it increasingly difficult to offer surcharge-free ATM access to their members and customers. Members of the InterCept Switch network agree to waive To intentionally or voluntarily relinquish a known right or engage in conduct warranting an inference that a right has been surrendered. For example, an individual is said to waive the right to bring a tort action when he or she renounces the remedy provided by law for such surcharge An overcharge or additional cost. A surcharge is an added liability imposed on something that is already due, such as a tax on tax. It also refers to the penalty a court can impose on a fiduciary for breaching a duty. fees for each other's cardholders. Members retain the option to surcharge transactions performed by cardholders of non-member financial institutions. "We work very hard to provide our members with quality products and services," said Chris Culberson, president of Emory Federal Credit Union. "The InterCept Switch helps us compete more effectively with the ATM piece of our product mix. Now our members have surcharge-free access to our own ATMs, as well as 160 ATMs operating on the InterCept Switch network throughout Georgia." Ron Tomlinson, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of General Electric Federal Credit Union, commented, "Because of the InterCept Switch, and the growing network of participants, our members will now be able to enjoy greatly improved convenience and access to their money without the penalty of a surcharge." "We are pleased to add these credit unions to our network", said Jeff Berns, vice president of the InterCept Switch. "They join the ranks of 127 financial institution members representing 11 states. As the network continues to grow, the benefits of membership become more apparent to everyone involved, especially consumers." About Emory Federal Credit Union Emory Federal Credit Union was established in 1968 by 22 employees of Emory University Emory University (ĕm`ərē), near Atlanta, Ga.; coeducational; United Methodist; chartered as Emory College 1836, opened 1837 at Oxford. It became Emory Univ. in 1915 and in 1919 moved to Atlanta. to serve faculty, staff, and family members of the University. Today, with more than 16,000 members and approximately $50 million in assets, Emory FCU FCU Federal Credit Union FCU Florida Credit Union FCU Fan Coil Unit FCU Fuel Control Unit FCU Flight Control Unit FCU Flexor Carpi Ulnaris FCU Familial Cold Urticaria FCU Fire Control Unit FCU Fused Connection Unit FCU Flow Control Unit continues to serve the University as well as its affiliates, such as Emory Hospital, The Emory Clinic, Egleston Children's Hospital A children's hospital is a hospital which offers its services exclusively to children. The number of children's hospitals proliferated in the 20th century, as pediatric medical and surgical specialties separated from internal medicine and adult surgical specialties. , Wesley Woods, LifeLink of Georgia, Crawford Long Crawford Williamson Long (November 1, 1815 – June 16, 1878) was an American physician and pharmacist. He was born in Danielsville, Madison County, Georgia. He received his M.D. at the University of Pennsylvania in 1839. Hospital, The Carter Center The Carter Center is a not-for-profit organization founded in 1982 by former U.S. President Jimmy Carter and former First Lady Rosalynn Carter. It is located at 453 Freedom Parkway in Atlanta, Georgia. and The Children's Heart Center. The credit union has 35 employees in three branch locations in Atlanta and Decatur, Georgia. For more information, contact Chris Culberson, president, at 404-329-6415 ext. 301, write to 1237 Clairmont Rd., Decatur, Ga. 30030, or visit them on the Web at www.emoryfcu.com. About General Electric Federal Credit Union Originally chartered in 1954 for General Electric Employees of Rome, General Electric Federal Credit Union currently serves over 13,000 members of 149 select employee groups. With its main office still located in Rome, Ga., the $63 million credit union also has locations in East Rome, Ga., Cartersville, Ga. and Newton, N.C. For more information contact, Ron Tomlinson, president/CEO, at 706-235-8551 or write to 2010 Redmond Circle, Rome, Ga. 30165. About InterCept Switch and The InterCept Group InterCept Switch Inc. is a wholly owned subsidiary of The InterCept Group Inc. The InterCept Group is an electronic commerce technology and services company that provides community financial institutions with a single source for a variety of services including ATM/EFT processing, data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. management, core banking software and processing, equipment sales and maintenance, and merchant portfolio management. For more information on the InterCept Switch, contact Jeff Berns at 770-582-2290. For information on other offerings from The InterCept Group, contact Denise Saylor at 770-840-2729, or write to 3150 Holcomb Bridge Road, Suite 200, Norcross, GA 30071. This release contains statements which constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "could," "will," "expect," "estimate," "anticipate," "believe," "intend," "plans," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors discussed herein and those factors discussed in detail in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section of the Company's Registration Statement on Form S-1 (Registration Number 333-47197), as declared effective by the Securities and Exchange Commission on June 9, 1998. CONTACT: InterCept Switch Inc. Jeff Berns, 770/582-2290 jberns@intercept.net or William Mills William Mills may refer to:
Lee Rafferty, 404/264-7210 lee@williammills.com |
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