SUM (interbank network)
Encyclopedia
SUM is an interbank network
in twenty-eight U.S.
states. It is largely made up of smaller local banks and credit union
s. Account holders at member institutions do not pay ATM usage fees
for using ATMs of any other financial institution within the network.
Interbank network
An interbank network, also known as an ATM consortium or ATM network, is a computer network that connects the ATMs of different banks and permits these ATMs to interact with the ATM cards of non-native banks....
in twenty-eight U.S.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
states. It is largely made up of smaller local banks and credit union
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
s. Account holders at member institutions do not pay ATM usage fees
ATM usage fees
ATM usage fees are the fees that many banks and interbank networks charge for the use of their Automated Teller Machines . In some cases, these fees are assessed solely for non-members of the bank; in other cases, they apply to all users...
for using ATMs of any other financial institution within the network.