ATMs at train stops: Fifth Third's in, BofA's out

From Chicago Breaking News, by Becky Yerak; February 15, 2011:

It's Fifth Third in, Bank of America out, at CTA stops around Chicago.

Fifth Third Bank said it has been awarded the opportunity to install 63 automated teller machines in local CTA stops, giving the Cincinnati-based bank the biggest presence on the Chicago area's train system. Installation of nearly all of the 63 have been completed in the past two months, Fifth Third said.

The number of ATMs at CTA stops has grown steadily since they were introduced in the system in 2003.

In 2006, Bank of America won a contract allowing it to install 11 ATMs at CTA stops. CTA also had a contract that year with Ready Cash Inc. for 31 ATMs. The three-year contracts, which also provided for two one-year extensions, generated a total of about $650,000 annually for the CTA.

Last year, CTA awarded new contracts totaling $6 million over five years, or $1.2 million a year, as it announced plans to boost its number of ATMs to nearly 100 from what had grown to 52.

BofA bid again for its existing sites, but wasn't selected. Contracts went to Fifth Third, PNC Bank, Chase and Merchant Enterprises Inc.

"We've complemented our ATM presence with an aggressive advertising campaign on CTA," including wrapping ads around the train cars and advertising inside them, as well as posting ads at CTA stations, Fifth Third spokesman Andrew Hayes said.

In 2006, Fifth Third said it wanted 240 local branches by 2010 and market share of 8 to 10 percent. As of June 2010, the latest period for which figures are available, it ranks ninth in market share at 3.1 percent, with 181 branches.

But Fifth Third recently repaid its bailout money and recently installed the former chief executive of the bank's Cincinnati market to head the Illinois and Indiana region.

"Both of those moves have primed Fifth Third to increase its market presence, share and visibility throughout the region," Hayes said.

PNC now ranks fourth in Chicago-area deposit market share at 4.6 percent. It has 15 ATMs on CTA platforms, two at CTA employee locations and two at Metra stops. Most of the PNC machines were installed last September.