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."
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