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Fiserv expands MoneyPass ATM network to Capital One customers

Source: Fiserv

Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, announced today a new agreement with Capital One that will offer customers secure, convenient, surcharge-free access to their funds at thousands of ATMs across the nation.

The agreement will add more than 1,500 Capital One ATMs at Capital One branches, Cafés and select off-site locations to the MoneyPass® ATM network from Fiserv, one of the largest surcharge-free networks in the country. Capital One 360 Checking customers will be able to conduct unlimited surcharge-free transactions at 34,000 additional MoneyPass ATMs nationwide. Full availability for Capital One customers is anticipated in mid-January 2021.

According to a 2018 Mercator Advisory Group survey, 77% of U.S. consumers say they do anything they can to avoid paying ATM surcharges, with 65% actively seeking out ATMs that are in surcharge-free networks. The average ATM surcharge ($3.09) reached a record high for the 15th consecutive year and is 2% higher than it was the year prior, based on an October 2019 report from Bankrate.com.

“ATMs have become critical physical touchpoints for financial institutions, keeping them connected to their customers through a multitude of services,” said Himanshu Patel, executive vice president of Card Services at Fiserv. “Surcharge-free access to funds at the ATM continues to be one of the most coveted account holder perks, and we are excited to now offer this benefit to customers through our premium network of desirable ATM locations nationwide.”

More than 1,900 organizations and 130 million cardholders rely on the MoneyPass network. Surcharge-free ATM access allows financial institutions to create value for their customers and boost their bottom line as financial institutions no longer have to direct resources toward growing their ATM fleet.

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