Magazine article American Banker

Yankee24 Signs Stop & Shop to Debit Card Program

Magazine article American Banker

Yankee24 Signs Stop & Shop to Debit Card Program

Article excerpt

The ATM network began its program last year and has since signed up 13 large retailers, with six now using the system and seven in the process of installing point-of-sale devices.

The Yankee24 automated teller machine network has announced that it signed Stop & Shop Holdings Inc., New England's largest supermarket chain, to its program that allows consumers to pay for groceries with their ATM cards.

Debit card point-of-sale programs, in which customers' bank accounts are automatically debited when they make a purchase, are expanding rapidly. Last week, Yankee24 rolled out a debit card service to 1,500 Mobil gas stations in New England.

While debit card programs have been in place in states like California and Texas for years, they have taken root only recently in the Northeast. A little over a year ago, D'Agostino was the first supermarket in the New York area to accept debit cards. It did so through an agreement with the New York Cash Exchange, or NYCE, an ATM network based in Hackensack, N.J.

13 Retailers on Board

More recently, NYCE has signed up the ShopRite and Penguin Key Food supermarket chains.

Yankee24, based in Wallingford, Conn., inaugurated its debit card program, called Quick-Pay, in February 1991. The shared network has signed up 13 large retailers, with six now using the system and seven in the process of installing point-of-sale devices.

"Stop & Shop is clearly important to Yankee24," said Richard Yanak, president of the shared network. …

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