Three credit unions in Lynchburg now belong to a network that allows its members to use each other’s ATMs interchangeably, along with 50,000 ATMs nationwide.
Lynchburg Municipal Employees Federal Credit Union just bought stock in Credit Union 24, a nationwide credit union network. LME-FCU members now can use most ATMs belonging to Beacon Credit Union and Central Virginia Federal Credit Union with no surcharge.
It is a significant extension for customers of LME-FCU, which has only one ATM of its own.
Jane Foster, chief executive officer of LME-FCU, said joining the network enables its members save money at more ATMs and receive more money in the credit union’s annual interest refunds. “If we could keep our costs down, we’re able to pass this back on to the membership,” she said.
LME-FCU is one of 50 credit unions that purchased stock in Credit Union 24’s annual stock offering in the third quarter. BCU and CVFCU have belonged to the network for more than 10 years each.
Anyone who belongs to a financial institution that owns stock in Credit Union 24 can use any ATM marked with “CU HERE” without charge. Credit Union 24’s Web site lists 150 such ATMs within 100 miles of Lynchburg, including some in Charlottesville, Roanoke and Danville.
The free network includes all 13 CVFCU ATMs in the Lynchburg area and BCU’s ATMs at its branches.
BCU ATMs in local Food Lion stores are not part of the surcharge-free network, said Scott Hudson, BCU spokesman.
Foster said that Credit Union 24 stockowners receive discounts on debit card processing fees. It cost $2,500 to join but after a trial period, LME-FCU officials determined it could save that much money within one year, Foster said.
Because CVFCU has an ATM on the campus of Lynchburg College, many college students who belong to credit unions have been able to use it without fees, said Kim Wilkerson, CVFCU spokeswoman.
“The fact that the credit unions can band together like this gives them a little bit of an advantage,” said Hudson. “If someone’s traveling around the country, all they have to do is contact a credit union in the area that they’re visiting. There’s a high degree of likelihood that they could access their accounts for free.”
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