More than 1 million Ontario credit union members will soon be able to access their money at inter-financial institution ATMs across Canada without being surcharged. The credit unions are joining HSBC Bank Canada, The National Bank and other financial institutions on The Exchange ATM Network.

The Exchange is a shared network of ATMs across the country that allows cardholders from any participating financial institution to access full function ATM services, including withdrawal and deposit-taking services on a surcharge-free basis. Cardholders of participating financial institutions also have access to 56,000 ATMs in the U.S. to perform withdrawal transactions without being surcharged.

Several Ontario credit unions are already live on The Exchange Network; the rest will follow over the next few months. When all credit union ATMs are online with The Exchange next spring, credit union members will have convenient access to 1,700 ATMs across Canada for surcharge-free deposits and withdrawals.

In addition to Ontario credit union ATMs, The Exchange Network includes most credit unions in British Columbia, Citibank Canada, Manulife Bank of Canada, HSBC Bank Canada, Canadian Western Bank and the National Bank of Canada.

According to the credit unions, members who use The Exchange Network ATMs versus conventional ATM networks will save an average of $1.50 per transaction.