In all of the incidents, the victims were depositing or withdrawing large amounts of cash.
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Police say the armed robberies happened outside of three different banks over the course of 10 days.
"All of them have three suspects who are armed, usually operating a stolen vehicle," Lt. Andrew Snyder, of Cheltenham police, told Action News.
Police say the first armed robbery happened on Wednesday, October 11, outside of the TD Bank on Cheltenham Ave.
According to police, three men approached a woman as she left the bank. Two of the men had handguns and pointed them at the victim's head and stomach.
Police say they demanded her purse, which contained $70,000, four sets of car keys, her ID and credit cards.
A third man, police say, approached the victim and ripped her diamond necklaces off her neck. The necklaces are worth approximately $34,000.
In that case, the thieves got into a gray/silver 2008 Honda Accord and fled.
"That vehicle has since been recovered in Philadelphia," Lt. Snyder said. "We know that vehicle was linked to one other robbery of similar M.O. in Philadelphia."
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Lt. Snyder says that Honda was reported stolen out of Philadelphia on October 10.
The second armed robbery occurred on Thursday, October 19, at the Wells Fargo Bank located on Cheltenham Ave.
According to police, two men approached an 81-year-old woman after she withdrew $200 from an ATM. They both displayed semi-automatic pistols and robbed the victim.
Both men got into a dark color, possibly black, Honda sedan and fled. Police say it appears that car was used in at least two similar robberies in Philadelphia.
The third armed robbery happened outside the Citizens Bank on North Front Street on Friday, October 20.
Police say the victim was walking in the parking lot when she was approached by two armed men. That's when she was hit in the face and knocked to the ground.
The men took the woman's backpack, which had about $30,000 in cash and coins.
The thieves then got into an SUV, which is being described as a late 1990s or early 2000s maroon Oldsmobile Bravada. Police say the vehicle has damage to the driver's side rear bumper, an American flag front vanity plate and an unknown Pennsylvania registration.
"We know that one was stolen as well, and we can link that to one other job in Philadelphia," Lt. Snyder said.
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Cheltenham police say the suspects in each case have the same physical description and M.O.
They have released photos of the suspects in each case.
They are described as being in their late teens to early 20s, and are all about five foot six inches to six feet tall, with thin builds. They were dressed in all black and wearing face coverings.
"These men are armed," Snyder said. "They are capable of committing violence."
Cheltenham police say they continue to investigate these robberies. They are working with Philadelphia police because they believe the incidents are connected to crimes in the city.
Federal agents are also investigating.