Payments News from Glenbrook Partners
Glenbrook   Book   Education   Views   Archives   Store   Advertise   About         SUBSCRIBE:

7-Eleven in Citibank Deal, Will Begin Accepting Deposits

7-Eleven and Citibank have announced a deal where Citibank will brand ATMs in more than 5,500 7-Eleven stores in 31 states across the nation, "giving Citibank customers access to a much larger network of surcharge-free locations in which to do their banking." Citibank customers can now withdraw money and transfer funds between primary checking and savings accounts without a surcharge or foreign ATM fee at any Citibank-branded ATM at 7-Eleven stores. Citibank recently launched a nationwide Citibank Direct online high yield savings/checking account initiative and this new deal with 7-Eleven appears to complement that strategy. In addition, 7-Eleven says it will soon begin accepting consumer bank deposits, beginning with Citibank.

"We realize our customers are busy and may not have a Citibank Financial Center nearby when they need to use an ATM," said Maura Markus, president of Citibank North America. "By partnering with 7-Eleven, we're increasing our ATM locations five-fold, this means greater accessibility and ease for our customers and 5,500 more locations for surcharge-free cash transactions. Banking with Citibank is now more convenient and can be done while you're picking up 7-Eleven favorites like coffee, newspapers and fresh-made sandwiches."

With surcharge-free Citibank-branded ATMs at 7-Eleven, Citibank customers can save money on transactions they're already making. Citibank customers average three non-Citibank ATM transactions a month, incurring an average surcharge of $2 per transaction from other banks. With the conversion of the ATMs at 7-Eleven to Citibank, that translates to a total savings of $67 a year - the equivalent of 62 Slurpee® drinks.

"Both 7-Eleven and Citibank are convenience-focused and attuned to the needs of the on-the-go consumer," said Rick Updyke, 7-Eleven vice president of Business Development. "Now Citibank's current and prospective customers can step into a 7-Eleven across the country, conduct their daily financial transactions and satisfy their convenience shopping needs, at a place that's already part of their daily routine."

Add your comment... (note that all comments are reviewed before they're published)

Feed You can follow this conversation by subscribing to the comment feed for this post.

The comments to this entry are closed.