How to save money with OneUnited no surcharge ATMs

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All banks can reduce their fees if they wish.

OneUnited Bank is not only the largest black-owned bank in the United States, but also one of the most innovative banks. When bank customers began asking for greater access and control over their money, bank management responded.

Teri Williams, President and COO of OneUnited, explains:

The result of that creative thinking helped pave the way for a new Empowerment Network of banks with more no-surcharge ATMs than any other bank in the country.

what customers want

OneUnited’s customers live primarily in urban communities, where new banks are rare.

Even if a community member deposited money at a national bank, Williams said, there’s a good chance they’d have to go to that bank’s ATM to use it. Unless they are willing to get their way, they could be stuck with extra out-of-network charges.

“It drives up banking costs for communities,” Williams said.

When OneUnited customers started having trouble accessing their money, they let those in power know.

two surprise partners

OneUnited currently has over 100,000 fee-free ATMs, including all Chase Bank and Citibank branches.

“I have to give them credit,” Mr. Williams said of the two big banks. “They reached out to black banks and learned how to partner with us.”

OneUnited has expanded its ATM network by allowing customers to withdraw at no additional charge from ATMs at retailers such as 7-Eleven, Costco, CVS, Target and Walgreens.

With the ability to withdraw money for free while shopping at Target or stopping by Walgreens for a prescription, OneUnited customers can keep spending their hard-earned money.

Response to another complaint

In response to customers asking OneUnited for more control over their bank accounts, the bank launched OneUnited Card Command. Now customers can instantly turn on/off their bank debit card. Also, get real-time transaction notifications, add your debit card to your digital wallet, make travel plans before you leave home, set spending limits and manage your budget.

“Frankly, we are driving the BankBlack movement by providing best-in-class service and cutting-edge technology to better meet the needs of our customers,” Williams said.

how to save yourself money

Out-of-network ATM charges average $2-3 per use. It doesn’t sound like luck, but it’s a painful reality for those who live paycheck to paycheck. Due to bank charges, American banks will make him $279.1 billion in 2021. That’s $132 billion more for him than the year before.

Here are two ways to find a bank that allows you to deposit more money into your account for less money.

1. OneUnited bank (or bank of that size). You don’t have to be a minority to be part of a minority-owned bank.
2. Examine the last bank statement with a fine-toothed comb, looking for fees. If your bank deducts a fee of any kind, consider closing that account and opening a new one with another bank or credit union. Many credit unions do not charge a monthly maintenance fee and also offer a network of ATMs available through partner credit unions.

challenge to let go

The fact that fees earn banks billions of dollars each year makes providing a huge network of no surcharge ATMs a bit of an economic sacrifice.

When asked if OneUnited would lose the income it once earned thanks to ATM fees, Williams said: cost. “