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Merchants Bank, a South Burlington, Vt.-based financial institution, Wednesday announced it has joined Allpoint’s surcharge-free ATM network in a move designed to make the bank more competitive against larger rivals. “We wanted to provide our customers with more surcharge-free ATM touch points throughout Vermont and when they travel nationally and internationally,” says Thomas S. Leavitt, Merchant Bank’s executive vice president. Before joining Bethesda, Md.-based Allpoint, Merchants’ customers had surcharge-free access to 42 ATMs in Vermont. With the new agreement, Merchant Bank customers have access to Allpoint’s 37,500 surcharge-free ATMs nationally and in the United Kingdom, Mexico and Puerto Rico. The Allpoint agreement will make Merchants Bank more competitive against TD Banknorth, KeyBank and Citizens Bank, Leavitt says. “TD Bank advertises itself as the nation’s most-convenient bank, and ATM convenience is a key driver in customer acquisition,” says Ben Psillas, Allpoint president.
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NCR Corp. today announced the signing of a three-year ATM-outsourcing agreement with Co-op Financial Services that enables Co-op’s credit-union members to lease instead of buy new ATMs to reduce participating credit unions’ capital expenses. NCR will lease ATMs to the credit unions through GE Capital, a Norwalk, Conn.-based leasing company, says Bill Allen, NCR marketing director. “Leasing ATMs is a lot more attractive for some financial institutions because leasing agreements are not carried on the books as a capital expense,” he says. Co-op ATM Managed Services, a unit of Rancho Cucamonga, Calif.-based Co-op Financial Services, will manage credit-union members’ leased ATMs. NCR, which is based in Duluth, Ga., also will provide first- and second-line maintenance on all of the leased machines. “If the ATM breaks down, we fix it,” Allen says. Credit unions’ financial conditions played a key role in the two companies signing a leasing agreement, Allen says. Co-op operates a network 37,000 ATMs and nearly 3,000 credit unions are Co-op members. “This approach to ATM deployment and management will be attractive to credit unions seeking to outsource these functions as capital expenses grow with the size of the ATM fleet,” Co-op said in a statement. NCR will promote its SelfServ line of intelligent-deposit ATMs to the credit unions when the outsourcing program begins in early 2010, Allen says.
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