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March 28, 2006

Sovereign Bank moves into CVS with ATMs

Sovereign Bank will put its brand on nearly 900 ATMs inside CVS pharmacies across the Northeast.

Company officials announced the plan this morning, noting that installations will be completed over the next few months, which will allow Sovereign customers to get cash at CVS stores without paying a surcharge.

The move will nearly double the number of ATMs carrying the Sovereign brand.

Today's announcement is the result of partnerships between Sovereign, Woonsocket-based CVS, and Cardtronics Inc., of Houston, which operates the cash machines inside CVS branches.

A Cardtronics executive said in a statement that the move helps Sovereign improve customer service and convenience and drives potential consumers to CVS locations.

"For financial institutions, branding an ATM at a merchant loation is similar to adding a mini-branch location -- without the cost and risk associated with brick-and-mortar branches," said Keith Myers, executive vice president of financial services for Cardtronics.

"For merchants like CVS pharmacy, their customers receive secure, quick access to cash. This is definitely a win-win situation for all parties involved."

Posted by Steve Peoples  at 11:31 AM | Permalink