Cardtronics drops ATM fees for MasterCard debit cards

Source: MasterCard International

MasterCard International and Cardtronics Inc., the world's largest ATM owner/operator, today announced an agreement to create a surcharge-free ATM program.

Effective immediately, issuers of MasterCard, Maestro and/or Cirrus branded debit cards will be able to offer their cardholders surcharge-free cash withdrawals at more than 25,000 Cardtronics ATM locations throughout the United States.

"Surcharge-free ATM options are increasingly a must for issuers of specialty debit card programs," said Richard G. Lyons Jr., senior vice president, MasterCard International. "The addition of Cardtronics' ATM network helps financial institutions better serve select portions of their debit card programs that may require or commonly include surcharge-free guarantees, such as with payroll and government EFT cards, and brokerage or other high-valued customer accounts. Moreover, the program also supports financial institutions that want to expand their delivery footprint to better serve their valued customers."

The program does not require any brand changes, nor include ATM reciprocity requirements, and is open to all issuers of MasterCard, Maestro and/or Cirrus branded cards. Cardholders will be able to utilize a free Web-based locator to find the nearest surcharge-free Cardtronics ATM.

"Cardtronics' nationwide footprint provides a cost-efficient alternative for issuers seeking to build and expand their network of surcharge-free ATMs in locations with high consumer traffic," said Jack Antonini, Cardtronics president and CEO. "Furthermore, an extensive and visible surcharge-free ATM network is an equally important asset for financial institutions targeting corporate and consumer clientele of specialized debit programs, while also enhancing the self-service banking opportunities for their customers."

MasterCard will market the program to its member financial institutions on behalf of Cardtronics. Cardtronics will provide ATM services through its network of 25,000 machines, including processing, cash management, monitoring, and maintenance.

The MasterCard ATM Network is the world's largest - cards with the MasterCard, Maestro or Cirrus brand enable safe and secure access to cash at more than one million ATMs around the world and at 383,000 across the U.S.

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