Bank of America and Jewel-Osco Partner for Convenient Banking Services

Strategic Insights -

Bank of America Illinois has announced plans to install automated teller machines (ATMs) in 172 Jewel-Osco Stores across Chicagoland and other Midwest cities, marking a significant expansion of its banking services in the region. As part of a pilot program, three in-store financial service centers will be set up in Jewel-Osco stores to study the feasibility of providing additional banking services through alternative delivery systems.

Key Takeaways:

  • Bank of America will install ATMs in 172 Jewel-Osco Stores across Chicagoland and other Midwest cities, aiming to provide convenient banking services to a wider customer base.
  • The pilot program will introduce three in-store financial service centers in Jewel-Osco stores to examine the potential of providing additional banking services through alternative delivery systems.
  • Bank of America Illinois has more than 20 years of experience serving in-store banking customers, with a network serving nearly one million customers each month.
  • BankAmerica operates nearly 2,000 branches in 10 states and has more than 5,500 ATMs, making it one of the largest banking networks in the US.
  • Jewel Food Stores and Osco Drug are divisions of American Stores Company, one of the largest food and drug retailers in the nation.
  • The partnership aims to provide banking services in an efficient and cost-effective manner, with no change in Bank of America Illinois' focus on serving corporate clients.

Statistics:

  • Bank of America Illinois will install ATMs in 172 Jewel-Osco Stores across Chicagoland and other Midwest cities.
  • The pilot program will introduce three in-store financial service centers in Jewel-Osco stores.
  • BankAmerica operates nearly 2,000 branches in 10 states.
  • The company has more than 5,500 ATMs and serves nearly one million in-store customers each month.
  • Jewel Food Stores operates 188 stores in Illinois, Indiana, Michigan, and Iowa.
  • Osco Drug operates 531 stores in 20 states nationwide.

Sources:

  • PRNewswire, "Bank of America Illinois, Jewel Food Stores, and Osco Drug Announce Plans to Bring Convenient Banking Services to Customers" (June 22, 1995)
  • BankAmerica Corporation, press release (September 1994)