Cardtronics is bringing its relationships with Citi and Walgreens together, bringing Citi branded ATMs inside Walgreens locations across the U.S.
The ATM operator currently operates 6,700 ATMs in Walgreens and Duane Reade drugstores. Citi plans to brand 1,000 of these units, plus 900 at Costco, CVS/pharmacy and Target locations in Chicago, Los Angeles, Miami, New York, San Francisco and Washington, D.C.
“Cardtronics has served Walgreens and Citi independently for the past decade,” Jonathan Simpson-Dent, Cardtronics’ chief commercial officer, said in a Jan. 17 news release. “Now we have the opportunity to bring these relationships together in a mutually beneficial way. Cardtronics has become the ATM infrastructure partner for both organizations and their customers, who demand free and easy cash access now more than ever.”
The expansion gives Citi a way to extend its physical presence outside of its own bank branches. Many large financial institutions have been evaluating their ATM location and deployment strategies, since the rise of digital channels have led some to reduce the footprint of their branches, enhancing ATMs and expanding self-service channels to handle the bulk of basic customer transactions.
Further, 84% of consumers try to keep cash on hand at all times, two-thirds indicated they feel nervous when they don’t, according to Cardtronics’ 2016 “Health of Cash” study (PDF).
“By nearly doubling our network of surcharge-free ATMs, we’re making it even easier for Citibank customers to meet their banking needs on the go,” said Will Howle, Citi’s head of U.S. retail banking, said in a separate news release. “From our enhanced product offerings and Citigold Client Centers and Smart Banking branches to expanding our ATM network and new digital capabilities, we are committed to delivering a higher level of value, convenience, service and expertise to our customers.”
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Updated January 18, 2017 at 9:17AM: This story has been revised to clarify which Cardtronics ATMs will carry Citi branding.