Saturday Jul 26, 2014

Scotiabank Expands ABM Network

27 June 2012

Have you ever needed to withdraw some money, but just can’t seem to find a branch or ABM for your bank? Well I am sure it has happened to all of us at some point, especially on the evenings you are heading out. When you can’t find one, you are stuck withdrawing money at a fee.

Scotiabank clients will love this piece of news; they now have to worry just a bit less about finding an ABM to withdraw from. Scotiabank has expanded their ABM access into Canadian 7-Eleven stores!

Customer will now have free ABM access at 7-Eleven stores in Ontario, Manitoba, Saskatchewan, Alberta and British Columbia. This expansion will boost Scotiabank’s overall ABM network in Canada to 3,486 – an increase of over 15%. The total amount of additional ABMs are 470.

What does this mean for me?

Ultimately, this means you will be able to withdraw money from an expanded ABM network, thus allowing you to not get charged any unnecessary fees.

On top of that, you are given access to locations that are open 24 hours a day – doesn’t get much more convenient than that!

You are also going to be able to benefit from the same strong security measures that are built into all Scotiabank ABMs.

How did Scotiabank close this deal?

Scotiabank was able to make this all possible with the partnership with Cardtronics, the world’s largest retail ABM owner and they are in fact 7-Eleven’s exclusive ABM service provider.

That said, Scotiabank will be awarding clients who use the ABMs in a 7-Eleven SCENE Points. This will be a special limited time promotion that is expected to come soon. I will update everyone on this once I see it out.

What do you think about having access to new ABMs for Scotiabank?

 

About the Author

Sensei

My favorite weapon of choice is the samurai sword. I use it to cut my chicken during dinner, cut my hair and periodically carve my name into stone when I am bored. I love meditating on top of a 15ft high pole and eating those sushi’s with smoked salmon on top. I love everything there is about Canada and everything financially related to Canadians. I write deily posts from Canadian Banks to Credit Card information.

Comments (4 )



Ryan Wrote:

They accomplished it by removing all of the CIBC bank machines from their stores. They probably didn’t mention that.

[Reply]

Sensei Reply:

That is definitely new to me, sorry to hear about that. Where did you read this, if you don’t mind me asking?

[Reply]

Doug Reply:

It’s widely-read news from the “redflagdeals.com” Personal Finance forums. Apparently, since 7-Elevens are corporately-owned in Canada, all ABMs were changed from Scotiabank to CIBC, unlike Scotiabank’s other deal with Shell where only some ABMs were converted to Scotiabank. I could see this deal with 7-Eleven put pressure on Shell to change its ABMs over to another provider, potentially CIBC or TD or maybe just with a white-label ABM operator like DirectCash.

RBC and CIBC still have the largest ABM networks in Canada, followed distantly by either TD Canada Trust or Scotiabank. It should be noted BMO is also increasing their ABM network by as much as 30% this year and next with BMO Cash ABMs which only permit withdrawals and balance enquiries, strategically located with various merchants across Canada.

The EXCHANGE Network is actually one of the smallest networks in Canada, at 2400 ABMs or less. Acculink is probably around there as well but limited only to credit unions.

Cheers,
Doug

[Reply]

Lianne Wrote:

That’s a brilliant move by Scotia. I think it’s helpful to point out, however, that credit union members can use each other’s ABMs (or ATMs) without being charged an ATM fee. That’s because they all use the same INTERAC network. So a Libro member can use a Meridian ATM or a Vancity member can use a Coast ATM. And it’s free all across Canada. It also includes HSBC and the National Bank.

[Reply]

Add a Comment




Your Comment