MoneyPass
{{self-published|date=August 2018}}
{{Use mdy dates|date=July 2020}}
{{Infobox Interbank Network
| name = MoneyPass
| logo = MoneyPass Logo.png
| area = United States
| foundation = {{start date and age|2003|10}}
| members = 1,700
| atm = 61,000 (February 2020)
| owner = Fiserv
| website = {{URL|https://www.moneypass.com}}
}}
MoneyPass is an interbank network owned by Brookfield, Wisconsin-based Fiserv, the third largest North American financial services company by revenue.{{cite news |last=Kilgore |first=Tomi |url=https://www.marketwatch.com/story/fiserv-to-buy-us-bancorp-units-debt-card-processing-atm-services-and-moneypass-for-690-million-2018-09-25 |title=Fiserv to buy U.S. Bancorp unit's debt-card processing, ATM services and MoneyPass for $690 million |work=Market Watch |location=New York |publisher=Dow Jones & Co. |date=2018-09-25 |accessdate=2019-03-23 }}
Previously, MoneyPass had been owned by Elan Financial Services, a business unit of U.S. Bank. MoneyPass provides surcharge-free ATM services to North American MoneyPass consumer/cardholders whose transactions utilize a MoneyPass supported ATM and has become the second largest surcharge free ATM network in the United States.{{cite news |url=https://www.atmmarketplace.com/news/fiserv-to-acquire-atm-related-units-of-elan-financial-services/ |title=Fiserv to acquire ATM-related units of Elan Financial Services |work=ATM Marketplace |location=Louisville, KY |publisher=networldmediagroup.com |date=2018-09-27 |quote= MoneyPass, the second largest surcharge-free network in the U.S. with access to more than 33,000 ATMs }}
There are 61,000 surcharge-free MoneyPass ATMs in the United States, located at financial institutions and retail locations.{{cite web |url=https://annualreport.stocklight.com/NASDAQ/FISV/20663633.pdf |title= ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |work=Archives |publisher=Securities and Exchange Commission |date=2020-02-27 |accessdate=2020-10-17 |quote= In 2018, we acquired the debit card processing, ATM Managed Services, and MoneyPass® surcharge-free network of Elan Financial Services, a unit of U.S. Bancorp, enabling access to over 61,000 surcharge-free ATMs }}
More than 95 million consumers have access to MoneyPass ATMs.
History
Genpass, Inc., formed the MoneyPass ATM network in October 2003 by merging two existing regional ATM networks that it had already owned, MoneyMaker in Texas and MoneyBelt in Tennessee.{{cite news |url=https://www.americanbanker.com/news/i-review-2003-i-when-bigger-banks-warmed-to-no-fee-atm-networks |title=Review 2003: When Bigger Banks Warmed to No-Fee ATM Networks |magazine=American Banker |date=December 30, 2003 |author=}} Union Planters, with nearly 900 ATMs located in 12 states, was a charter member.{{cite news |url=https://www.atmmarketplace.com/news/genpass-creates-new-surcharge-free-network/ |title=Genpass creates new surcharge-free network |website=ATM Marketplace |date=November 20, 2003 |author=}} In December 2003, the regional supermarket chain Minyard Food Stores installed MoneyPass ATMs at its 72 stores.{{cite news |url=https://progressivegrocer.com/minyard-food-stores-inc-joins-moneypass-surcharge-free-atm-network |title=Minyard Food Stores Inc. Joins Moneypass Surcharge-Free ATM Network |website=Progressive Grocer |date=December 9, 2003 |author=}} By June 2004, MoneyPass had 200 participants and 8,000 ATMs.{{cite news |url=https://www.bizjournals.com/dallas/stories/2004/06/21/daily17.html |title=Anderson Named President of MoneyPass ATM Network |work=Dallas Business Journal |date=June 23, 2004 |author=}} Zions Bank joined in September 2004, adding 200 ATMs in Utah and Idaho.{{cite press release |url=https://www.businesswire.com/news/home/20040923005302/en/Zions-Bank-Joins-MoneyPass-Surcharge-Free-Network |title=Zions Bank Joins MoneyPass Surcharge-Free Network |work=Business Wire |date=September 23, 2004 |author=}} Credit Union 24, which represents 410 credit unions with a total of 2,800 ATMs in 23 states, made a reciprocal agreement in November 2004 which would allow members of each networks to access ATMs on the other network surcharge free.{{cite press release |url=https://www.businesswire.com/news/home/20041118005561/en/Credit-Union-24-MoneyPass-Announce-Reciprocal-Alliance |title=Credit Union 24, MoneyPass Announce Reciprocal Alliance |work=Business Wire |date=November 18, 2004 |author=}}
MoneyPass had 8,000 ATMs in all 50 states by the time Citibank joined its network in October 2004 which added 2,600 Citibank ATMs to the network.{{cite news |url=https://www.americanbanker.com/news/citi-joins-moneypass-to-grow-atm-presence |title=Citi Joins MoneyPass to Grow ATM Presence |magazine=American Banker |date=October 12, 2004 |author=}}
U.S. Bancorp acquired Genpass along with MoneyPass for an undisclosed amount in May 2005{{cite press release |url=https://www.businesswire.com/news/home/20050510006028/en/U.S.-Bank-Acquires-Genpass-Expands-Payment-Processing |title=U.S. Bank Acquires Genpass, Inc., Expands Payment Processing and ATM Services to Clients |work=Business Wire |date=May 10, 2005 |author=}} and added its ATMs to the network to form a 12,000 ATM network in June 2006.{{cite press release |url=https://www.businesswire.com/news/home/20060627005757/en/U.S.-Bank-Joins-MoneyPass-ATM-Network-Customers |title=U.S. Bank Joins MoneyPass ATM Network, Gives Customers Surcharge-Free Access to 12,000 MoneyPass ATMs |work=Business Wire |date=June 27, 2006 |author=}}
In June 2005, KeyCorp signed an agreement with MoneyPass to allow Credit Unions and its other financial institutional clients that it services the option to connect to the MoneyPass network. This agreement only affected financial institutional clients and not KeyBank customers. As a part of the agreement, KeyBank customers were not given access to MoneyPass and MoneyPass customers were not allowed free access to KeyBank's large ATM network.{{cite press release |url=https://www.businesswire.com/news/home/20050531005561/en/KeyCorp-Adds-MoneyPass-Network-Growing-Agent-Bank |title=KeyCorp Adds the MoneyPass Network to Its Growing Agent Bank ATM Program |work=Business Wire |date=May 31, 2005 |author=}}{{cite news |url=https://www.cutimes.com/2005/06/07/key-bank-signs-up-with-moneypass/?slreturn=20200602173034 |title=Key Bank Signs Up With MoneyPass |website=Credit Union Times |date=June 7, 2005 |author=}} In July 2012, Kroger signed an agreement with U.S. Bancorp to have its Kroger Prepaid Debit Card customers be allowed surcharge free access at all MoneyPass ATMs.{{cite press release |url=https://www.businesswire.com/news/home/20120723005037/en/U.S.-Bank-Offers-Surcharge-Free-Transactions-MoneyPass%C2%AE-ATMs |title=U.S. Bank Offers Surcharge-Free Transactions at MoneyPass ATMs for Kroger Prepaid Debit Cardholders |work=Business Wire |date=July 23, 2012 |author=}}
In August 2017, 7-Eleven signed an agreement with MoneyPass to have its ATMs at 8,000 of its 10,900 its American stores be a part of the surcharge free network.{{cite news |url=https://csnews.com/7-eleven-customers-will-have-opportunity-surcharge-free-atms |title=7-Eleven Customers Will Have Opportunity for Surcharge-Free ATMs |website=Convenience Store News |date=August 3, 2017 |author=}}
In September 2018, Fiserv announced that it would acquire MoneyPass from US Bancorp for $690 million.{{cite news |url=https://www.marketwatch.com/story/fiserv-to-buy-us-bancorp-units-debt-card-processing-atm-services-and-moneypass-for-690-million-2018-09-25 |title=Fiserv to buy U.S. Bancorp unit's debt-card processing, ATM services and MoneyPass for $690 million |website=MarketWatch |date=September 25, 2018 |first=Tomi |last=Kilgore}} The deal was finalized in March 2019. At the time of the sale, MoneyPass had 33,000 ATMs.{{cite news |url=https://www.atmmarketplace.com/articles/a-successful-handoff-moneypass-makes-the-transition-to-fiserv/ |title=A successful handoff: MoneyPass makes the transition to Fiserv |website=ATM Marketplace |date=March 19, 2019 |author=}}
See also
References
External links
- [https://www.paypal.com/us/webapps/mpp/cash-card Paypal's MoneyPass cash card]
{{Interbank networks}}
{{U.S. Bancorp}}