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American Express Getting Out Of ATMs

DALLAS - American Express, getting out of the ATM business, has sold the remaining part of its ATM fleet to the 7-Eleven convenience store chain, 7-Eleven announced recently. 7-Eleven paid $44 million for the ATM machines offered in 5,483 company-operated, franchised and licensed 7-Eleven stores in the United States. "ATM...

By David Morrison | Updated on August 24, 2004

DALLAS – American Express, getting out of the ATM business, has sold the remaining part of its ATM fleet to the 7-Eleven convenience store chain, 7-Eleven announced recently. 7-Eleven paid $44 million for the ATM machines offered in 5,483 company-operated, franchised and licensed 7-Eleven stores in the United States. “ATM services are an important offering for the convenience customer, and we believe this acquisition will complement our strategy to accelerate growth in the area of financial services,” said Jim Keyes, 7-Eleven’s president and chief executive officer. “With our significant customer traffic and convenient locations, control of the ATMs will allow us to better integrate this valuable service into our overall merchandising efforts within the store.” At the high point of its ATM operation, American Express had almost 9,000 ATM machines.

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