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Card Programs - ATM Program Detail
ATM Sharing
In this program each credit union purchases a single ATM and deploys it in a Sharing Group consisting of other credit unions. As a result, members enjoy multiple locations for access to their accounts, and credit unions win member loyalty without the cost of establishing an entire network on their own.
How It Works
- Each credit union provides and funds at least one ATM
and also covers first-line maintenance and courier costs for cash replenishment
- Covera pays all monthly operational costs upfront
- including terminal driving fees, telecommunications, modems, service fees, and other expenses
- then allocates these costs to each terminal (Foreign transaction revenue is treated the same way)
- Each credit union is responsible for a portion of the net expense for each terminal in the group, based on its members’ use of that terminal
(for example, if the members of XYZ Credit Union generate 15% of the
activity at Credit Union ABC’s terminal, then XYZ pays 15% of the
terminal’s net expense)
- Covera prepares monthly invoices reflecting these costs and revenues
- the final invoice will reflect the credit union’s debit or credit for that month
- Each ATM is settled daily to a common account
- funds are then resettled daily from this account to the appropriate credit union, based on data from the Daily Terminal Activity Report
Covera:
- Coordinates establishment of the regional ATM Sharing Group
- Provides full back office support, including daily and monthly reporting, daily settlement of funds, adjustment processing, and transaction inquiries
- Provides terminal driving and monitoring 24/7
- Troubleshoots technical problems
The credit union:
- Purchases ATM(s) and related equipment
- Coordinates installation (unless contracted with ATMworks, PLUS)
- Pays one time fees for ATM certification, circuits, modems, and signage
- Provides cash for its ATM
- Covers expenses as described above (see “How It Works”)
ATMworks, PLUS
For credit unions that wish to reap all the benefits of ATMs—with none of the administrative burden—Covera presents ATMworks, PLUS. Through this program, we provide access to leading edge ATM equipment at affordable lease or purchase rates. Then we oversee every phase of the ATM operation, from site selection to installation management to ongoing support.
Covera:
- Assists credit union in site selection and packaging
- Informs credit union of all ADA requirements
- Coordinates and schedules all aspects of installation, including telephone line and modem
- Stays onsite for support on the day that the ATM goes live
- Provides all network graphics for signage requirements
- Works with armored courier for cash replenishment services (if needed)
- Trains credit union staff in ATM balancing and settlement
- Monitors and supports ATM operation
- Serves as the point of contact for all vendors on behalf of the credit union
The credit union:
- Makes the final decision on terminal location
- Provides Covera with written authorization to act as the credit union’s agent in all dealings with vendors
- Funds vault requirements
- Resolves all discrepancies in currency (if the credit union maintains service/replenishment)
- Complies with all requirements of the lease agreement
- Provides supplies, including journal tapes, receipts, and ribbons
- Engages in settlement and claims resolution
- Maintains relationships necessary for off-site terminal location
- Arranges for alarming and security
- Is liable for all cash loss due to physical break-in at the ATM
- Complies with excessive signage or surround requirements
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