Capital One Joins Fiserv’s MoneyPass ATM Network

Capital One has signed on to join Fiserv’s surcharge-free MoneyPass ATM network.

Under the deal, MoneyPass will be made available at over 1,500 Capital One ATMs at Capital One branches, Capital One Cafés and other select locations. In addition, Capital One 360 Checking customers will be able to utilize 34,000 MoneyPass ATMs surcharge-free around the country.

While ATMs are highly popular with customers, ATM fees are not. In a 2018 Mercator Advisory Group survey, 67 percent of respondents said they actively seek out ATMs in surcharge-free networks to avoid paying fees. Surcharge fees are also high, with a 2020 Bankrate report finding that the average ATM surcharge was $3.08.

“ATMs have become critical physical touchpoints for financial institutions, keeping them connected to their customers through a multitude of services,” said Himanshu Patel, Fiserv’s executive vice president of card services. “Surcharge-free access to funds at the ATM continues to be one of the most coveted account holder perks.”

More than 1,900 organizations and 130 million cardholders participate in Fiserv’s MoneyPass ATM network. The company said its network helps banks save money by allowing them to redirect resources that they would have spent trying to build out their own ATM machine networks.

Despite the pandemic, Fiserv has been very busy over the last two months.

Last month, the company struck a deal with Verizon that will enable Verizon Business customers to utilize Fiserv’s Clover Flex point-of-sale devices to conduct touchless payments, in addition to Fiserv merchant services such as debit and credit card processing.

Customers will also be able to use Fiserv’s services to process payments made online, in-person or via a mobile device, the companies said in a statement.

The Clover Flex device supplied to Verizon customers will be embedded with a Verizon SIM card to facilitate transactions through the Verizon network. The Clover platform and merchant services will enable businesses such as restaurants to offer a completely touchless ordering and payment experience for their customers.

According to a recent Verizon survey, 55 percent of small business owners expressed concern about how they would provide delivery services while complying with social distancing regulations.

Also in December, Fiserv signed a definitive agreement to acquire Ondot Systems, which provides a “digital experience platform” for financial institutions. The financial terms of the deal, which is expected to close in the first quarter of 2021, were not disclosed.