News

Updated ATMs part of Chase retail expansion

July 25, 2004

NEW YORK - J.P. Morgan Chase has more than 400 branches in the Big Apple -- more than any other bank in the city. Yet Chase is opening another 16 branches this year, in Its first branch expansion since 1997.

The bank is spending some $60 million to add branches as well as renovate 30 existing branches and replace 500 existing ATMs with Internet-ready eATMs. Chase expects to replace its entire ATM network of 1,500 machines by October of 2004.

The eATMs allow customers to set their own usual withdrawal amounts, see and print out copies of cancelled checks, order new checks, and for a fee with some accounts, print out statements. For the visually impaired, eATMs provide audio instructions.

The new 4,000-square-foot full service branches will be open six days a week, Monday through Saturday. New interior design elements will include: welcome desks; four to six teller stations; one to two 24-hour full service ATMs; separate customer rooms where bankers can discuss services such as investment services, mortgages and other loans; and a night depository.

All branches will now remain open until 6 p.m. Chase also plans to put new scanners in branches to cut down on the number of keys a teller has to push for each transaction; the change could cut down time at teller lines by 25 percent.

Chase expects to begin combine its branches with those of the newly acquired Bank One Corp., under a common computer system beginning in 2005. The combined franchise will have 6,530 ATMs in 19 states and 2,400 branches in 17 states.