What started as a major perk to consumers in the banking industry has now become the norm: the capacity to “bank anywhere.” But what does that really mean, and are local banks keeping up with these new developments and policies?
Cornerstone Bank is your local bank in Overland Park. Every month, we bring you insights into the banking and finance industry so you can make the best decisions for your own personal and business accounts.
Read on to learn more about banking anywhere and what that means for you.
What is “bank anywhere”?
Banking anywhere is a recent concept emerging from the rise in secure banking technology. Essentially, it means that no matter who your bank is, you don’t have to be physically located near one in order to use an account.
The idea of banking anywhere arose primarily from national chain banks that wanted to incentivize their customers to bank with them even without a physical bank branch near their home or work. However, this trend drove technology companies to create more and more innovative products that would lend themselves to smaller banks, too.
Cornerstone Bank is a local bank with a single “branch” or office, located off 135th Street in Overland Park, KS. However, our customers span across the entire country. This is because our customers have the ability to bank anywhere.
From their desktop, laptop, or mobile device, customers can access all the information they need to manage their accounts properly. This includes mobile check deposit features and 24/7 access to your account online.
But the biggest perk of banking anywhere with Cornerstone Bank is that you can use any ATM to withdraw cash from your account.
Bank Anywhere at Cornerstone Bank
Michelle is a valued member of the Cornerstone Bank team. Recently, she sat down to discuss the concept of “banking anywhere.” If you prefer watching a quick clip, this video is for you.
You can also read on for more tips about banking anywhere from the local banking experts at Cornerstone.
Cornerstone Bank & Other ATMs
Because of our ATM policy, essentially, any ATM in the world can be a Cornerstone Bank ATM. Why? Because Cornerstone Bank understands that you have a busy life, and it might not always be convenient for you (or our customers from farther away) to drive to Overland Park to withdraw cash. Therefore, our customers enjoy ATM refunds of up to $8 per account per statement cycle.
This makes accessing your own money fast, easy, and convenient, without worrying about the fees you might incur from withdrawing at:
- Another local bank
- National Bank ATMs
- International Bank ATMs
- A private or retail ATM
You can also get unlimited cash-back at qualifying machines, such as retail centers, gas stations, and grocery stores, who allow you to “charge” additional money to your card in order to prompt the cashier to dispense that cash for you. (These typically do not incur fees in the first place).
Read more about Cornerstone Bank’s ATM Policy in our next blog.
How to find an ATM
Sometimes, our clients ask us “Which ATMs should I visit as a Cornerstone Bank client?” While technically you can use any ATM in the world to access the funds in your Cornerstone Bank account, there are some things you should watch out for.
Things to watch out for when choosing an ATM
Exorbitant ATM Fees.
Yes, we refund ATM fees. But incur over $8 per statement cycle in fees, and you’ll be on the hook. Typically, this means using other banks’ ATMs, rather than stand-alone ATMs you might find at a gas station, concert venue, or other “cash only” retail. These ATMs are privately owned and make money solely on charging fees.
Reliability of the ATM.
There are two main reasons you might want to rethink the trustworthiness of certain ATMs: internal issues and external tampering. Be sure you trust the ATM you use before entering your PIN in order to ensure your bank account information, such as your private information, account balance, and more stays secure.
If you are using a new ATM for the first time and don’t recognize the logo of the servicer of that ATM, do a quick Google search to make sure you don’t see any negative results or reviews.
Additionally, you can check for external tampering by ensuring that the card reader is securely in place (as there are card strippers that can easily attach to the outside of where you insert your card, thus “stripping” your information as it goes into the machine and relaying it to a nefarious third-party). You can also check for small, detachable cameras, especially those that are pointed down toward the PIN pad.
If you see either of these things on an unfamiliar ATM, tuck your card back into your wallet and find another source to withdraw your cash. There is also typically a phone number listed on the ATM which you can call to report any suspicious activity and perhaps prevent other people from falling victim to a scam, too.
Sometimes your environment might not be ideal to withdraw cash. ATMs on the street or even inside of a particular venue run the risk of “lurkers” or people who watch you enter your PIN. Be sure to check your surroundings and cover your PIN while you enter it.
You should also be sure that the ATM transaction has fully closed before leaving your spot. Watch to make sure the welcome or “home” screen reappears on the ATM before driving or walking away.
In some ATMs, you simply insert and remove the card in order for the machine to read the magnetic strip on the back. Other times, the ATM requires you to place the card all the way into the slot and leave it there for the duration of the transaction.
Both methods are generally safe to use; just be careful that if you visit an ATM that uses the latter card-reading method, to NEVER forget to collect your card back from the machine when you are done.
The majority of the time, Cornerstone Bank is able to see in your statement which transactions were made using ATMs in order to refund any fees that incur. However, there might occasionally be a transaction on your account that does not read as an ATM withdrawal.
For this reason, we recommend always opting for a printed receipt during your transaction. Be careful not to skip through it or miss it! Sometimes this question gets asked before you select a withdrawal amount; other times it comes after.
In addition, if for some reason the ATM does not dispense the amount you selected, a receipt may prove to be a helpful piece of evidence when calling to report this to the ATM service provider.
How to get ATM support
Whether you’re concerned about the safety and security of an ATM, or you simply have questions about an ATM before or after you’ve used it, there are a few things you can do.
The first thing to do would be to call the ATM servicer. This provider should have the most insight on any issues you’re experiencing or particular questions you have about the withdrawal process.
If you find that this isn’t helpful, that the ATM does not have a phone number listed, or if you feel uncertain or uncomfortable about ANYTHING, trust your instincts and call Cornerstone Bank.
While we may not know exactly what ATM you are using or how it works, we can certainly monitor your accounts for any suspicious activity on your behalf. This service is especially helpful for those who travel abroad and are worried about their card being compromised in an unfamiliar environment.
Bank anywhere in the world with Cornerstone Bank in Kansas City
ATM fee refunds aren’t the only perk you’ll get when you bank anywhere with Cornerstone Bank.
Since 2001, Cornerstone Bank has put our customers first, and that means giving them the best that mobile banking has to offer.
Our app includes up-to-date banking, touch ID, facial recognition for quick login, an “instant balance” feature, and the ability to customize your card’s security settings. We also offer mobile deposits through our app, as well as online account opening capabilities. These conveniences all still come with the high level of customer service that you get at a local bank!
And if that weren’t enough, our website also offers a variety of online banking resources to help you achieve your financial goals. And at the end of the day, we are still happy to have you in our office and assist you over the phone to take care of any banking needs you might have—so don’t hesitate to pop in and say hello!
Need further assistance with or have questions about Bank Anywhere? Contact us online or via phone and we’ll be happy to help.