Academic journal article ABA Banking Journal

Citibank Goes Global

Academic journal article ABA Banking Journal

Citibank Goes Global

Article excerpt

Citibank's decision to join the System Inc. network of automated teller machines is part of a global strategy to provide uniform service to customers around the world.

Under the agreement, Citicorp will share at least 75% of the 1,200 ATMs it operates in the New York area. Altogether, the link with Citicorp could give Cirrus members access to as many as 1,430 Citicorp ATMs in the U.S. As many as 500 Citicorp ATMs overseas could eventually become part of the Cirrus network.

Still not NYCE. Citicorp still hasn't joined the regional ATM network known as the New York Cash Exchange, which has about 5,000 ATMs in the New York area and includes all the other major banks in the area that have large consumer operations.

Through Cirrus, however, Citicorp customers will have access to the ATMs of Chemical Bank and Manufacturers Hanover Trust Co., two of Citicorp's biggest competitors. Citicorp customers won't have access to the machines of Chase Manhattan Bank, which belongs to the Plus network.

According to a representative from Chemical Bank, Citibank alienated its home town customers by not giving them access to the dominant regional network. "It's the stronger alternative. NYCE has more machines and a higher brand awareness," says Ken Herz.

Chemical also subscribes to Cirrus. "In the New York market, it's the more expensive alternative, with limited functionality and no point of sale capability. NYCE, on the other hand, has increased business by recently linking up with D'Agostino, a local supermarket chain," he said. …

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