Free ATM

Free ATM Moves 'May Aid Debt'

Moves to implement hundreds of free automated teller machines (ATM) across the country could help some of the most financially vulnerable people with attempts at debt management, it has been suggested.

According to Ed Balls, economic secretary to the Treasury, the 600 fee-free cash machines will be of benefit to over one million adults struggling to organise their finances and make repayments on Personal loans, credit cards and overdrafts.

Senior policy officer for Citizens Advice Sue Edwards added: "This is good news and shows that real progress is being made to give vulnerable people on low incomes greater access to free cash machines."

Credit unions are community-based financial cooperatives that are owned and controlled by members who are also shareholders. One of the largest credit unions that offer free ATM transactions in the U.S. has a network of 32,000 ATMs. Among the areas covered by its network of ATM machines are Pennsylvania, Maryland, Michigan and Delaware, with a few machines located in Illinois, Wisconsin and Chicago.

According to the president of a famous credit union in the U.S., joining a credit union league enables them to possess immediate physical presence in emerging markets without using up monetary resources in building physical infrastructure. Apart from credit unions, the concept of a credit union league is also attractive for independent banks in the U.S. Michigan's largest independent savings bank, with reported assets of $13 billion, is a member of a credit union league.

ATMs that belong to credit unions can easily be detected because there is a logo of the credit union at the back of the machine. To locate credit union ATM sites, most credit unions have a Web site where members can find the most accessible ATM location for them.