ATM/debit network PULSE (Houston; owned by Discover Financial Services) launched PULSE Select, a surcharge-free ATM network alliance, with the MoneyPass Network (Irving, Texas), a network of Elan Financial Services. A PULSE statement announcing the release noted that the PULSE Select/MoneyPass Surcharge-free ATM Network provides financial institution participants with access to more than 16,000 surcharge-free ATMs at banks, credit unions, grocery stores, convenience stores, restaurants and other locations in all 50 states.
"In today's economic environment, consumers are looking for ways to cut costs while maintaining convenient access to their money," said Judith McGuire, senior vice president, product management, PULSE. "The PULSE Select/MoneyPass network provides financial institutions with an economical solution, while driving customer loyalty and creating a competitive advantage to help participants attract new cardholders." Financial institutions participating in the PULSE Select Program will add their ATMs to the MoneyPass Network.
Debit cardholders who use an ATM not owned or operated by their financial institution typically are charged a surcharge fee ranging from $1.50 to $3.00 per transaction. According to PULSE, financial institutions participating in the PULSE Select/MoneyPass network not only provide a desired service to cardholders, they also may be able to reduce expenses associated with providing rebates of surcharge fees. "The PULSE Select/MoneyPass network will allow PULSE financial institution participants to remain competitive without the cost of adding new ATM locations, and will help retain and attract new cardholders by providing additional convenience where they live, work and travel," McGuire added.