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Bank of America pulls ATMs from two grocery store chains
July 30 |
July 30 (Reuters) - Bank of America Corp is removing ATMs from two grocery store chains in the U.S. Southeast as it continues to trim its retail banking operations.
The second-largest U.S. bank has been pulling machines from Harris Teeter Supermarkets Inc and Bi-Lo LLC locations last month and this month, Bank of America spokeswoman Tara Burke said on Monday.
The bank is focusing on offering customers full-service automated teller machines that have 24-hour access and expects to add more machines in the future, Burke said. Some of the grocery store locations weren't open 24 hours a day, and some of the ATMs didn't allow deposits.
The bank is removing 36 ATMs from Harris Teeter stores and 25 from Bi-Lo locations. The bank's ATM count was 16,220 at the end of June, down 9 percent from a year earlier, according to its most recent earnings report.
Bank of America last week said it had exited Valero Energy Corp convenience stores and Simon Property Group Inc mall locations, contributing to the decline in its ATM numbers.
Bank of America Chief Executive Brian Moynihan has been cutting branches and jobs in the bank's signature consumer banking unit as new regulations and low interest rates crimp revenue. The unit had $7.3 billion in revenue in the second quarter, down from $8.7 billion a year earlier.
The bank has previously said it plans to close or sell about 750 branches over the next few years. Its total branches have dropped nearly 3 percent to 5,594 over the past year.
PNC Financial Services Inc is picking up some of the ATM locations shed by Bank of America. The regional lender on Monday said it was deploying 191 ATMs in Harris Teeter stores in North Carolina, South Carolina, Florida, Georgia, Virginia, Maryland and Delaware between mid-July and early September.
Pittsburgh-based PNC entered the U.S. Southeast with its March 2012 purchase of Royal Bank of Canada's U.S. subsidiary. It has more than 7,100 ATMs.
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