Chicago Transit Authority rail customers will soon have access to Automated Teller Machines (ATMs) at 11 rail stations. The move will generate an estimated $432,900 in additional revenue for the CTA in the next three years, bringing the revenue received by the CTA through alternative sources to more than $115 million since 1995.
The Chicago Transit Board, at its monthly meeting today, approved a contract for Bank One Corporation to furnish, install, replenish, operate, and maintain the ATMs. Contract approval follows a competitive bidding process.
The ATM contract will generate a minimum of $144,300 annually in additional revenue for the CTA during the first three years of the contract, as well as provide for two one-year extensions. In addition to the minimum payment, Bank One will pay the CTA a percentage of the ATM user fees collected at the stations.
"The ATM agreement is the newest of several alternative revenue sources used by the CTA," said CTA President Frank Kruesi. "Along with revenue sources such as lease back agreements, advertising and parking facilities, revenue from this ATM agreement will help the CTA continue to operate in a fiscally responsible manner, which in turn, helps us to provide on-time, clean, safe and friendly service for our customers."
?The CTA is continually looking for ways to increase revenue, while adding convenience for our customers," said Chicago Transit Board Chairman Valerie B. Jarrett. ?Installing ATMs at several stations throughout our system helps CTA accomplish both."
ATMs will be installed at the following Red Line stations: 95th/Dan Ryan, Fullerton, Sox-35th, Roosevelt/State, Clark/Division, Addison and Jarvis. Midway station on the Orange Line, Ashland on the Green Line, and O'Hare and Monroe on the Blue Line also will get ATMs. The ATMs will be installed outside of the fare payment area of the stations so individuals not using the CTA may still have access to them.
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