JPMorgan Chase has outbid its competitors to snag about a third of the ATMs, the most of any financial institution, located at the busiest airport in New England.
The Massachusetts Port Authority recently awarded new five-year leases for 31 ATMs for terminals and garages at Logan International Airport in addition to several at other locations outside of the terminals, the Boston Globe reported last week.
JPMorgan agreed to pay a one-time fee of $300,000 in addition to at least $416,000 in annual rent to install 10 ATMs throughout the Boston airport, the newspaper reported.
The New York company has no branches in the state and has no plans to change that. Still, the bank said that opening the ATMs would be helpful for people traveling to the Boston area from New York and other markets where it has a presence, according to the Globe.
Royal Bank of Scotland's Citizens Bank will only have one ATM, down from five, after it was outbid. It will pay $21,000 a year. Bank of America will pay at least $780,000 a year for nine ATMs, down from the 11 it currently has.
Capital One Financial will pay $263,000 in yearly rent to open three locations at the airport as it also plans to open at least six branches in the Boston area, according to the Globe. TD Bank also got its first ATM at the airport for $8,000 a year while Sovereign Bank will have only six ATMs, down from 11.
Combined, the financial institutions will pay the port authority, which operates the airport, about $9 million, up from the previous $6 million, the newspaper reported.