It’s Fifth Third in, Bank of America out, at CTA stops around Chicago.
Fifth Third Bank said it has been awarded the opportunity to install 63 automated teller machines in local CTA stops, giving the Cincinnati-based bank the biggest presence on the Chicago area’s train system. Installation of nearly all of the 63 have been completed in the past two months, Fifth Third said.
The number of ATMs at CTA stops has grown steadily since they were introduced in the system in 2003.
In 2006, Bank of America won a contract allowing it to install 11 ATMs at CTA stops. CTA also had a contract that year with Ready Cash Inc. for 31 ATMs. The three-year contracts, which also provided for two one-year extensions, generated a total of about $650,000 annually for the CTA.
Last year, CTA awarded new contracts totaling $6 million over five years, or $1.2 million a year, as it announced plans to boost its number of ATMs to nearly 100 from what had grown to 52.
BofA bid again for its existing sites, but wasn’t selected. Contracts went to Fifth Third, PNC Bank, Chase and Merchant Enterprises Inc.
“We’ve complemented our ATM presence with an aggressive advertising campaign on CTA,” including wrapping ads around the train cars and advertising inside them, as well as posting ads at CTA stations, Fifth Third spokesman Andrew Hayes said.
In 2006, Fifth Third said it wanted 240 local branches by 2010 and market share of 8 to 10 percent. As of June 2010, the latest period for which figures are available, it ranks ninth in market share at 3.1 percent, with 181 branches.
But Fifth Third recently repaid its bailout money and recently installed the former chief executive of the bank’s Cincinnati market to head the Illinois and Indiana region.
“Both of those moves have primed Fifth Third to increase its market presence, share and visibility throughout the region,” Hayes said.
PNC now ranks fourth in Chicago-area deposit market share at 4.6 percent. It has 15 ATMs on CTA platforms, two at CTA employee locations and two at Metra stops. Most of the PNC machines were installed last September.
The problem is that 5/3 isn’t really that friendly to the smaller saver. That’s why I closed my account with them. $2500 minimum to earn almost no interest and avoid fees? Thanks, but no thanks.
I dont know what 007 is talking about. My family and I compared all the banks around last year and found 5/3 to be the best for us. My sister even had some credit issues and 5/3 offered to meet her regularly to help. She now meeting a personal banker at her 5/3 branch weekly, and she’s keeping my sister on budget and saving $. My sister told me recently that her credit score has gone up 40 points in 6 months!
There is no minimum on 5/3’s savings accounts. There are no fees either. 007 is misinformed. Fifth Third Bank was actually ranked as having the best customer service in the Chicago Market.
What the hell is a Fifth Third? 1.66667? What an odd name for a bank.
Fifth Third was the merger of Fifth National Bank and Third National Bank. During prohibition it seemed bad to call the bank 3 Fifths so they kept it as Fifth Third. In the 80s they did a survey of customers in regards to changing the name, but everyone loved the name as they could remember it. It has been around over 150 years, and has one multiple customer service awards including being one of the top customer service banks by JD Power and Associates in the Chicago Market.
5/3 is a horrible bank. They treat their employees like crap. They have horrible working conditions. They are just one bump above tcf
We bid on these accounts and no one even considered us without a briefcase full of money
There is a minimum on 5/3 checking accounts. And to make matters even better, when I did close my account, the customer “service” rep didn’t do the job right so I started getting dinged for my account being under the limit for no-fee checking.
Tracy, good for you and your sister, but I don’t need my financial hand held, nor do I need my pockets picked. I am not misinformed, I am once-burned by 5/3. And there won’t be a second chance.
I’m just happy that PNC’s @ some locations. I’m a student, I don’t have a car and Virtual Wallet is totally free.
I have been with 5/3 for as long as they have been in Illinois ,Free cheking no min/balance,free travelers checks.darn better the bank of america.
I wonder what the people complaining have done ,maybe they where wrighting rubber checks.and where fined
There on line bill payment work real good for me as well,to each his own,there is no bank that will make everyone happy
It’s spelling and grammar, people. It’s not beyond the comprehension of humans.
Ouch 007 – can you say “righteous”? Go on with your bad self.
Obviously the majority of the complaints here are favorable so I stand by my position – FIFTH THIRD BANK ROCKS!!!!!
Whatever Tracy. The public used to think Britney Spears had talent too, so I don’t put too much stock into what the public thinks….
If I don’t answer your post correctly bob, I apologize as I don’t read gibberish. But if you are asking whether I write rubber checks, no I don’t.