PORTSMOUTH, N.H. – Service CU unveiled a new ATM surcharge and Visa International Service Assessment fee refund program, essentially making all cash withdrawals at the credit union’s ATMs worldwide free.
With this new feature, the credit union said members can save more than $800 annually in Visa ISA fees, ATM surcharges and fees, totaling $2.5 million annually for the entire Service membership.
To qualify, members must maintain a positive balance in their Service CU accounts in any amount and direct deposit their pay to the $1.9-billion credit union, which operates 22 branches in the U.S. and 16 branches in Germany for U.S. military personnel stationed overseas.
Service CU will rebate Visa ISA fees on debit and credit cards combined up to $20 per month. Visa assesses a 1% ISA fee on the face value of any foreign transaction, including ATM withdrawals and purchases of goods and services worldwide. “The ISA rebate is a way to help save money for our mobile members who make purchases in foreign countries,” said Gordon Simmons, president of Service CU. “Our mobile members and their families face unique financial challenges and this is one way of their credit union assisting them.”
Any ATM surcharge from other financial institutions will be refunded up to a total of $20 a month. Service CU also increased the number of free withdrawals from non-Service ATMs from 10 to 20 per month, saving members up to an additional $30 monthly.
Members do not need to provide any ISA or ATM receipts or paperwork, rebates are applied automatically, the credit union said. Refunds are applied to the member’s account the first business day of the following month.
