Following the lead of three other superregional banks, BankAtlantic, one of Florida's largest community-based financial institutions has come to an agreement with Wal-Mart Stores Inc., of Bentonville, Ark.
BankAtlantic, with more than $1.36 billion in assets and 31 branches in Browasrd, Palm Beach, and Dade counties, will install ATMs in 145 Wal-Mart stores and Sam's Club locations throughout Florida.
Boatmen's Bancshares of St. Louis, Cincinnati-based Star Bank Corp. and Wells Fargo & Co. of San Francisco struck their own ATM deals with the retail giant in 1993.
As ATMs saturate bank branches, nontraditional locations for the do-it-yourself banking machines, such as airports and malls, have become a popular source of noninterest income and bank promotions.
David Finkelman, spokesman for BankAtlantic, said that placing ATMs in the nation's largest retail chain would boost revenue and allow the tricounty bank to expand its reach throughout the state of Florida. "It can only do good things in terms of name recognition and visibility in the markets where we are now and up in the north," he said.
Although Mr. Finkelman declined to release projected revenues, he said the deal would be "a big plus for BankAtlantic."
The bank plans to install 21 ATMs in South Florida Wal-Marts in early July and finish the project by the end of autumn.
The ATMs will accept BankAtlantic ATM cards as well as bank cards that are compatible with Cirrus, Plus, and Honor ATM networks. No fees will be incorred for BankAtlantic customers. Other card issuers set their own fees.
