No ATM Fees
Free ATM Charges for Prepaid Cards
Due to the growing popularity of prepaid cards MasterCard Worldwide have teamed up with Cardtronics, Inc to allow MasterCard prepaid programs to tap into the Allpoint fee-free ATM network offered by Cardtronics. The relationship makes Allpoint’s surcharge-free ATM network available to issuers of MasterCard prepaid cards.
With prepaid card companies now able to offer No atm fees to consumers it makes prepaid cards even more popular as it now offers a serious alternative to getting a card instead of a bank account making banking services even more envious.
Neil Dugan, Vice President, U.S. Markets, MasterCard Worldwide states:
By partnering with Cardtronics’ Allpoint Network, we can help our prepaid partners to cost-effectively expand their ATM footprints, strengthening their prepaid offerings, and enhancing the cardholder experience.
Besides Allpoint being in all 50 states, one of every twelve of its surcharge-free ATMs are located at prime retail sites like Target® and 7-Eleven® providing convenience to cardholders and increasing shopper count for the retailers.
Ben Psillas, President, Allpoint Network noted that:
The scope of surcharge-free access coupled with top retail locations is a critical component to winning new business and increasing cardholder satisfaction. With Allpoint, Prepaid MasterCard cardholders will have access to the nation’s largest surcharge-free ATM network.
The powerful union of MasterCard and Cardtronics will provide more efficiency in the critical economic link between financial institutions, governments, businesses, merchants, and cardholders worldwide. MasterCard brings over $2.5 trillion in gross dollar volume generation on its products worldwide while Cardtronics brings 33,700 surcharge-free ATMs that are strategically positioned with many of the nation’s most influential merchants, including 7-Eleven®, Costco®, CVS®/pharmacy, Kroger®, Target® and Walgreens®.
The MasterCard Worldwide Network is also the fastest payment processing network in the world by processing over 22 billion transactions each year, 140 million transactions per hour, with an average network response time of 140 milliseconds and with 99.99 percent reliability. Allpoint provides greater access, convenience and savings to customers of financial institutions while providing institutions the tools to compete more effectively for customers.
Although currently no ATM fees is only applicable to prepaid cards in America, it does pave the way for MasterCard to expand this offer in to the UK.