STRATEGIC PARTNERS
December 26, 2002
BOSTON -- Citizens Bank of Massachusetts will pull nearly 160 of its ATMs in Massachusetts out of the SUMselective surcharge program in mid-February, according to a report in the Boston Herald.
Noting that Citizens bears the biggest portion of the SUM network's costs in Massachusetts, Citizens spokeswoman Melodie Jackson told the Heraldthat Citizens would use the added revenue the move would create to help pay for expanding its ATM and branch network in the state.
Jackson declined to specify how much money Citizens might earn by removing the ATMs from the SUM program, which is administered by the NYCEnetwork. But Jackson said Citizens waived "millions of dollars' worth of $1.25 fees for each transaction on SUM machines in New England in 2001.
Despite the move, Citizens will remain the biggest Bay State bank to participate in the SUM program, with 356 machines -- or 57 percent of its Massachusetts fleet -- remaining in SUM. SUM ATMs let customers of member banks withdraw cash without paying a surcharge.
The move will bring the number of SUM ATMs in Massachusetts down to about 1,840 from 2,000.
Citizens will stay well above a SUM requirement that participating banks put at least 40 percent of their ATMs in the network.
