TD Bank is expanding its ATM operations, pairing with Walgreens to offer banking at 143 locations across Massachusetts. Those ATMs, the company said, mark TD’s first movement into a retailer’s network.
In a release Thursday (June 4) TD said the move into the drugstore locations represents a collaboration between TD Bank and Cardtronics. The latter is the world’s largest ATM retailer and offers ATM services to Walgreens.
“We’re giving TD Bank customers in Massachusetts more access to their money by offering ATMs in select Walgreens locations, while also introducing non-TD Bank customers to our brand,” said Mark Crandall, TD’s regional president, in the release. “As a retail leader with a keen focus on convenience, Walgreens is a natural fit as we grow our brand in one of our key markets.”
The Boston Globe reported late last month that the move between the bank and the drugstore represents somewhat of an alternative strategy to bricks-and-mortar growth via branch openings. TD has all but put the brakes on growing its branch count, as the March quarter showed: overall, TD had 1,325 branches nationwide, a slight decrease from 1,339 branches in the September 2014 period.
True to the bank’s claim of “America’s Most Convenient Bank,” the new ATMs strive to offer customers quick, convenient access in a spot where they can also fulfill errands. Crandall told The Globe that the collaboration will also help TD gather depositors and become a more widely familiar brand.
The partnership between TD and Walgreens represents a good strategic fit, Ed O’Brien, a director at Mercator Advisory Group told The Globe. After all, noted O’ Brien, branding ATMs in the Walgreens’ locations represents a cheaper option than installing a new ATM on a street corner, he said, and offers consumers increased options in banking.
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