Magazine article American Banker

Kodak to Get Largest Bank-at-Work Teller Machine System

Magazine article American Banker

Kodak to Get Largest Bank-at-Work Teller Machine System

Article excerpt

NEW YORK -- Eastman Kodak Co. and Chase Lincoln First Bank N.A., both of Rochester, N.Y., announced what is believed to be the largest installation of electronic banking machines at a corporate office.

Twenty-four cash dispensers, to be operated by the bank, are being installed at four Eastman Kodak facilities in Rochester so that employees with special plastic cards can get cash from their checking accounts at any of 16 financial institutions that are participating in the program. Industry observers said it is the largest worksite teller machine system in the nation.

Electronic banking facilities have been appearing in some corporate offices in recent years, since companies see them as a way to expedite the check-cashing process for employees on payday.

Worksite automated teller machines represented about 4% of all the ATMs installed by commercial banks, according to a 1983 survey by Bank Administration Institute, a Rolling Meadows, Ill., research organization.

But as banks have begun installing teller machines away from bank offices, shopping malls, supermarkets, and convenience stores have been more popular sites than company offices. For banks, worksite teller machines may be just as important as a way to aid a corporate relationship as they are part of its overall electronic banking strategy.

"You've got a very limited audience there," said J.D. McBrayer, a vice president at First National Bank of Atlanta, which has installed five teller machines for two firms in Atlanta.

"To our knowledge, EPAS will be the largest bank-at-work ATM installation in the country," said Wesley C. Tallman, senior executive vice president at Chase Lincoln First. The Kodak program is called EPAS, which stands for employee payroll access system.

The system, expected to be operational by April 18, will permit participating employees to withdraw as much as $300 a day from their checking accounts.

To join the program, which is voluntary, Eastman Kodak employees must be paid via direct deposit, in which paychecks are deposited automatically by employers into employees' bank accounts. More than one-third of the firm's 50,000 Rochester employees already use direct deposit, Kodak said

These employees will be issued EPAS cards and a personal identification number for use in the cash dispensers. Kodak's machines will not accept any cards other than EPAS cards, and these cards will not be usable in other teller machine networks. …

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