BOSTON, May 10, 2013 /PRNewswire/ -- First Trade Union Bank (ftub.com), a full-service bank with locations in Massachusetts and New York, made another customer-centric business move by lifting its monthly limit on ATM surcharge rebates. Since launching its ATM fee rebate program as part of the FT Checking account in June 2010, First Trade has refunded more than $25,000 to its customers. Previously capped at $20 per month, the Bank has removed that monthly rebate limit and expects to refund close to $25,000 in 2013 alone.
The rebates are refunded directly into First Trade customers' FT Checking accounts for all accumulated ATM surcharges that other institutions assess when debit cards are used at a non-First Trade or SUM Program ATM. Additionally, the Bank does not charge its debit cardholders a fee for using another financial 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," said Michael Butler, First Trade's President & CEO. "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 ATM fee rebate program is part of First Trade's commitment to providing customers with superior products and leading-edge technology. In addition to the FT Checking account, the Bank also provides free online banking with bill pay, free mobile banking with mobile deposit, a free debit card, and even provides the first check order at no charge.
First Trade's ATM rebate program expansion is timely as the U.S. Government Accountability Office (GAO) just released an ATM report citing an overall increase in surcharge fees assessed by financial institutions. The GAO's research found that the estimated average ATM surcharge fee increased from $1.75 to $2.10 with some as high as $5.00 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. Our FT Checking account actually puts money back in our clients' pockets," added Butler.
About First Trade Union Bank
With assets over $600 million, First Trade Union Bank is a well-capitalized community bank offering a full complement of business and personal products and services. First Trade has a long-standing reputation for serving consumers, middle market, small businesses, unions, and government entities as its core clients. With a commitment to adopting the most advanced and secure technologies to provide greater flexibility and convenience, First Trade offers anytime/anywhere banking via mobile device, 24-hour ATM service, and remote deposit. Customers can readily access traditional, personalized branch banking at Banking Centers located in Massachusetts and New York. First Trade is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. www.ftub.com
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