NAPERVILLE, Ill. -- BP has begun providing advanced financial services in more than 1,200 BP and ARCO ampm convenience stores nationwide.
BP will install kiosks about the size of traditional ATMs that offer a full range of financial products and services, including traditional ATM transactions and new and innovative financial solutions such as prepaid and reloadable debit cards, automated bill payment, PIN-based wireless top-up and prepaid phone cards.
Additional financial products and servicesmoney orders, domestic and international [image-nocss] money transfers and deposit acceptancewill be added over the next 12 months. Soon, BP and ARCO customers will be able to cash checks (government or payroll) through the kiosk.
BP also plans to offer the financial services kiosks to its jobbers and dealers, the company said.
Separately, Financial Services Centers Cooperative Inc. (FSCC), a credit union shared branch network, said in late September that credit union services will be delivered through approximately 2,000 advanced financial self-service kiosks, which are owned and operated by Houston-based Cardtronics Inc., and located in 7-Eleven store locations across the country.
The self-service kiosks, known as Vcom terminals, provide financial service capabilities as well as traditional ATM services. Through the use of the Vcom terminals, members will be able to conduct transactions they would otherwise conduct in their own credit union, including depositing checks, withdrawing cash, making loan payments, transferring cash between accounts, obtaining credit advances, making balance inquiries and obtaining copies of recent history statements. In addition, the Vcom terminals are accessible 24 hours a day, seven days a week.
For FSCC credit unions, an average 18% price break is one of the many benefits associated with these new access points. Credit unions will receive this discounted rate for transactions performed at select 7-Eleven stores over transactions performed at regular shared branches.
The Vcom terminals are located in major markets including Dallas, Denver, Miami, Orlando, Los Angeles, Phoenix, Portland, San Diego, and Seattle.
The addition of 2,000 Vcom terminals to the shared branching network nearly doubles the access points currently available to credit union members. Credit unions in some markets will see a dramatic increase in shared branching locations. In Florida, the number of Vcom terminals available will more than triple the number of locations, going from 196 to nearly 600. Colorado will more than double its number of available access points, going from 100 to over 260. And the largest shared branch state in the country, California, will more than double its access points going from 332 to 738 locations.
Sarah Canepa Bang, CEO of San Dimas, Calif.-based FSCC, said, We believe members of Generation Y will find this channel very appealing. She also reported that during the two-week testing phase, credit union members found the services available in 10 pilot locations, registered and began using the units for shared branch transactions. By partnering with Cardtronics and 7-Eleven, we have found a way to bring convenience and technology together to benefit the millions of credit union members across the country.
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