Wednesday, November 6, 2013

SunTrust pulls out of CVS

SunTrust Banks has removed its name from automated teller machines at drugstore chain CVS, saying the machines only dispensed cash at a time when customers want to do more complex transactions at ATMs.

CVS has 30 locations in the city of Charlotte, according to its website. It was not immediately clear if all of those had ATMs.

CVS spokesman Mike DeAngelis said in an email that the ATMs, which are operated by Houston-based Cardtronics, will remain in the drugstores under the Allpoint brand name. He declined to comment further.

SunTrust's move comes as banks roll out more high-tech ATMs that allow deposits without envelopes, remember customers' preferences and feature video screens that provide real-time access to tellers in call centers.

Hugh Suhr, SunTrust spokesman, said the Atlanta-based bank is seeing rising demand from customers who want to perform complex transactions at ATMs. In response, "we are focusing our resources on our own full-service, remote ATMs, which offer broader capabilities and allow us to serve more of our clients’ needs," he said.

SunTrust did not have co-branding ATM arrangements with anyone else, he said.