ATM Fee Waiver Aimed At Attracting New Members
In a bold attempt to attract new members and keep the old ones happy, Boeing Wichita Credit Union has eliminated all of its ATM surcharge fees.
That includes the $1.50 transaction fee traditionally charged to members who use foreign ATMs and the $2 fee traditionally charged to non-members who use BWCU's ATMs.
"When you think about the roots of credit unions and what we were originally chartered to do, this makes sense," said Chuck Bullock, VP of Sales/Chief Lending Officer at BWCU with $400 million assets. "We like to think of it as the credit union thing to do."
Bullock said he also expects the move will increase its member satisfaction- already at 96%, according to surveys - and perhaps create pressure on other institutions to follow suit.
To announce the change, BWCU has launched a multi-media campaign that includes a brochure titled, "BWCU Almanac of Common Sense" and related messages such as one on a local billboard that reads: "Roaming fees are for cell phones, not ATM cards."
BWCU is a community-chartered CU that serves 47,000 members in the eastern third of the state. It has 26 ATMs, nine at SEG locations, the remainder in public places.
While he called the elimination of fees a "significant investment," Bullock said the management and board decided the benefits would outweigh associated costs. He declined to say how much the CU earned from ATM fees.
Bullock did say the move followed the success of previous campaign that offered a no-surcharge ATM at one of its drive-up locations, especially in attracting foreign users.