Stearns Bank is waiving ATM withdrawal fees for nationwide deposit customers.
The St. Cloud, Minn.-based bank announced the waiver on Dec. 23. Stearns Bank cited statistics showing the national average of combined out-of-network ATM fees is $4.77, up from $4.73 last year. Black and Hispanic Americans reportedly pay twice as much in bank and ATM fees, which Stearns Bank said underscored “the need to remove unnecessary ATM service fees and create a more inclusive financial services ecosystem.”
Stearns Bank has approximately two-dozen branches in Minnesota, Arizona and Florida.
“We are wholeheartedly committed to increasing access to affordable, free banking services and to the financial success of our more than 35,000 nationwide customers,” said Kelly Skalicky, president and CEO of the $3.27 billion Stearns Bank. “While many mega, big-box banks tout a ‘network’ of their bank-branded ATMs or others join ATM networks to provide fee-free or low-fee access to a limited number of ATMs, many customers are forced to hunt for those specific in-network ATMs to avoid additional service fees.”