Surcharge-Free Deal Expands CU Options
BROOKFIELD, Wis.-Fiserv announced its ACCEL/Exchange ATM network has signed with Allpoint, a unit of Cardtronics, to provide credit union and bank members surcharge-free access to 32,000 ATMs.
The deal will expand ACCEL/Exchange's own surcharge-free alliance, called "No SUR," by adding the Allpoint machines. Credit union and bank members of ACCEL/Exchange looking for surcharge-free ATMs will now have the option of signing on to the Allpoint network or No SUR alliance, or both.
PSCU To Reimburse Members For ATM Fees
WALNUT CREEK, Calif.-Pacific Service CU will reimburse ATM fees for members with direct deposit checking accounts.
Members can use any ATM and if the ATM charges a fee, the credit union will automatically reimburse the fee. The $1-billion credit union said ATM fees will be reimbursed at the rate of $3 per transaction up to $12 per month.
House Votes to Cut Student Loan Rates
WASHINGTON-The House overwhelmingly approved a bill that would cut the interest rate on many student loans in half, putting even more pressure on the dwindling number of credit unions that continue to make student loans.
The legislation would lower the rate from 6.8% to 3.4% in stages over five years for need-based loans. The proposal would cost about $6 billion and affect nearly 5.5 million students who get the subsidized loans each year.
The $6 billion would be raised by reducing the government's guaranteed return to lenders who make student loans, cutting back the amount the government pays for defaulted loans and requiring lenders to pay more in fees.
