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Global ATM Access to be Free of Charge
Five of the world's largest financial institutions announced an alliance that will enable their automated teller machine card holders access to each other's machines. And they're charging nothing initially for the service.
That means customers of Bank of America, Barclays, Deutsche Bank, Scotiabank, and Westpac can step up to a machine that carries the alliance's logo and get cash without paying the usual international access fees. The alliance has machines in the United States, the United Kingdom, Germany, Canada, and Australia. They hope to expand into Mexico, Spain, Asia, South America and South Africa soon and eventually, span the globe through new partnerships. The alliance is also being formed to find other ways of appealing to customers who travel internationally. The five banks have 36 million customers jointly and 20,000 machines.
Copyright © 2001 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 11, No. 6, 7/01
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