Sunmark In ATM Deal With Bank
The $387-million Sunmark FCU has signed an accord with the $91-billion KeyBank to help its members avoid paying surcharges when using the bank's ATMs.
"We knew that members were already using KeyBank ATMs and paying surcharges. Members were already doing 1,000 transactions at KeyBank ATMs per month and it was costing them," explained Sunmark FCU CEO Bruce Beaudette. "This was one of the driving factors for reaching the agreement. We went with what is comfortable. I realize that they are a bank but they have so many ATM location that it made a lot of sense to do business with them."
Sunmark's 46,000 members will be able to use the bank's 289 ATMs without paying the usual non-customer fee for any typical ATM transaction.
Beaudette acknowledged SFCU had other options prior to selecting KeyBank.
"We did not consider the CO-OP network but will look into it in the future," he added.
The CO-OP network operates a network of ATMs for some 1,770 credit unions, including 19,500 surcharge-free ATMs nationwide available to 20-million credit union cardholders.
"We want to use the credit union movement as much as possible, but there are some occasions when we have to go outside the industry," Beaudette said.
Sunmark FCU is a community chartered CU that serves those living and working in the counties of Albany, Schenectady, Saratoga and Rensselaer in New York state. KeyBank is owned by KeyCorp.