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First Trade Union Bank lifts limits on ATM rebate program

first trade union bankFirst Trade Union Bank recently lifted its monthly limit on ATM surcharge rebates and expects to provide nearly $25,000 in refunds this year.

The bank launched its ATM fee rebate program in 2010 and has refunded more than $25,000 to customers ever since. The rebates were previously capped at $20 per month.

Refunds are deposited directly into customers’ checking accounts for all ATM surcharges assessed by other institutions when a non-First Trade debit card is used. The bank does not charge customers a fee for using another institution’s ATM.

“Consumers today want to bank on their own terms, using a debit card, an ATM and a mobile device to handle their money,” First Trade President & CEO Michael Butler said.  “Our customers need to be able to access their funds from anywhere and we believe they shouldn’t have to pay a fee to do so.”

The bank’s move comes on the heels of an ATM report released by the Government Accountability Office, which found that ATM fees have risen from $1.75 to $2.10, with some fees as high as $5 per transaction.

“These fees, which are sometimes charged on both ends by the ATM owner and the debit cardholder’s financial institution, might feel small as one-off transactions, but can really add up,” Butler said. “Our FT Checking account actually puts money back in our clients’ pockets.”

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