STRATEGIC PARTNERS
November 8, 1999
BALTIMORE -- The U.S. Treasury Department, the U.S. Postal Service and KeyCorp announced a pilot program to place ATMs in post office lobbies to distribute government benefits. The initial program will involve ATMs at three urban locations in Maryland and three rural locations in Florida. Officials will study the potential for distributing Social Security payments, federal retirement payments and other benefits via ATM before deciding whether to expand the program nationwide. "This project represents a very complementary joining of forces among the three organizations to try to deliver a service that ultimately will benefit the end-user public," Robert W. Gillespie, chairman and CEO of KeyCorp said. "We expect it will bring easier and quicker access to recipient funds, particularly since many post office lobbies are conveniently located. It should also make the government's distribution process more efficient and less costly." The U.S. Postal Service operates some 33,000 post offices around the U.S., and KeyCorp presently serves as depository agent for more than 5,000 post offices in 13 states. The Postal Service is Cleveland-based KeyCorp's largest depository/cash management services customer, with transactions of more than $6.7 billion per year.
