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Laurel O'Brien
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Valarie Harris
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May 27, 1998
First Union Waives Foreign ATM Fees for First Union, CoreStates Customers, Announces ATM Enhancements
PHILADELPHIA - Effective immediately, First Union is waiving its ATM fees so that any First Union or CoreStates customer may use any of the ATMs bearing the signs of either company without paying foreign ATM charges.
First Union and CoreStates customers in Pennsylvania, Delaware and New Jersey can now enjoy one of the first benefits of the combined company - an expanded network of 1,300 ATMs in the three-state area. For CoreStates customers, that's 70 percent more automated teller machines than before the merger, while First Union customers in the region have nearly 2 1/2 times more ATM locations from which to choose.
"Our customers constantly tell us how important an ATM network is to meeting their banking needs," said Al Sale, executive vice president and head of First Union's ATM network. "They love the convenience it provides, and we're listening. Our retail strategy places high value on our ATM network."
First Union signs will be installed at CoreStates ATM and financial center locations in November, after computer systems are converted. First Union is investing $10 million to upgrade its combined ATM network in the three-state area by replacing many machines with new ones and upgrading others.
Also in November, functions will be added to these ATMs to provide immediate cash back for deposits and enable a customer to make one deposit split between two accounts; obtain their most recent monthly statements at the ATM; and change their Personal Identification Numbers (PINs) at the ATM. First Union is also evaluating other new ATM services, such as stamp and ticket dispensing, that may be added in the near future.
"First Union's vision is to take the convenience factor of ATMs and multiply it tenfold, reinventing them and their role in how customers manage their money and gather information about financial products and services," Sale said.
First Union and CoreStates as a combined company now have a network of more than 3,400 ATMs stretching across the East Coast, from Connecticut to Florida -- one of the largest ATM networks in the country.
The merger of First Union and CoreStates creates a financial services company with combined assets of $220 billion serving 16 million retail and corporate customers, with total stockholders' equity of $16 billion, as of March 31, 1998. The company operates full-service banking offices in Connecticut, Delaware, Florida, Georgia, Maryland, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia and Washington, D.C.
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