Surrey RCMP said the Canadian Bankers Association posted the reward money in the hopes it leads to the identification of a suspect believed to have robbed at least six bank customers since May 12.
On Friday, police released four ATM room surveillance images of the man, who appears to be wearing a hospital procedure mask to conceal part of his face.
Police believe the same mask-wearing man robbed ATM customers in White Rock on May 12 and 14, and in Surrey on May 23 and 25, and two on June 2.
The suspect is a white man in his mid-20s, approximately six feet tall, with a medium build. He has been wearing a surgical mask and a baseball hat, and in some of the incidents he showed a handgun to the victims.
Surrey RCMP Cpl. Bert Paquet said the association, and the police, are concerned that someone could get hurt if the robberies continue.
"Certainly we are concerned given the frequency of these incidents," Paquet said in a written statement.
"Although no one has been injured, the CBA and the Surrey RCMP want to ensure the safety of the public by doing everything possible to locate and arrest this individual."
Paquet said victims of a robbery should always stay calm, should cooperate with the robber's demands, and should try to pay close attention to whathe looks like, and in which direction he or she flees.