Fifth Third, TD Bank expand ATM networks in deals with vendor
Two regional banks will expand their ATM networks by partnering with Cardtronics, a Houston company that owns and operates 295,000 ATMs across 10 countries.
Fifth Third's brand will appear on 139 machines in North and South Carolina as part of its ongoing expansion in the Southeast, while 80 ATMs in the New York metropolitan region will bear the name of TD Bank.
Branded ATMs provide no-fee access to cash for customers of partner banks.
Financial details of the deals, announced Monday, were not released.
Fifth Third’s agreement involves ATMs in 92 CVS Pharmacy stores and 47 locations of an unnamed national convenience store chain that operates in and around Ashville, Charlotte and the Research Triangle in North Carolina as well as Greenville, S.C. The name of the store was not immediately released.
"The Southeast is a growing market for Fifth Third, so it made sense to not only ensure that our customers have fee-free access to ATMs, but to also brand them for Fifth Third," company spokeswoman Laura Trujillo said.
Fifth Third, in Cincinnati, has been building its presence in Florida, Georgia, North Carolina and Tennessee. Last month during a quarterly earnings call, CEO Greg Carmichael said deposits in new markets — primarily in the Southeast — had increased about 7%.
The company's relationship with Cardtronics began in 2016, followed by ATM branding in 2018 in Ohio, Indiana and Kentucky.
TD’s agreement with Cardtronics calls for all the vendor’s machines in Rite Aid stores in Bronx, Kings and Queens counties to be rebranded as TD Bank ATMs. Six of the 80 ATMs will be newly installed machines that take deposits; the majority of the remaining ATMs are traditional cash dispensers only.
According to Cardtronics, TD’s ATM network now includes more than 1,200 machines in the U.S. and Canada that are owned and managed by Cardtronics. Additional details were not available.