ATM that pays you | |||||||||||||||||
Why should you pay a fee to withdraw money? Why can't the ATM pay you? ATM's are a great way for small convenience stores to draw people into their store. Wouldn't they draw more people if they had an ATM that paid you? There are numerous ways to flesh this out/make it possible...(link ATM to POS of store, have it show ads, print coupons, etc) What do you think?
Seanpg, Mar 02 2004
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WAWA convenience stores here in the east do just that. They don't charge you to take out money from their ATM and they give you a coupon printed at the bottom of your receipt for whatever featured items they are pushing. On a similar note, Commerce Banks here have free coin counting machines. That seems like a pretty good loss leader idea. Maybe the convenience stores should look into doing that as well. Count your change here and then spend it here.
McDonalds also does this to an extent. Their ATM fees are only $0.99, so whenever I am looking for a cheap ATM and there's no branch of my bank nearby, I go there. This is at least a subliminal enticement to eat there more often.
This could easily be accomplished by just decrementing the amount authorized on the card when doing a withdrawal. For a $20.00 request, only request $19.00 from the network but pay out $20.00.
Since many of the banks are now offering free ATM's, I'm surprised they haven't gone to this already.
British supermarkets do this. If you pay with a debit card, you can ask for extra cash as well (up to £50). The £50 is added to the amount debited from your card, and they pay you out of the till.
Saves you going to the ATM/cash machine, and the supermarket gets rid of some cash from the till which it would otherwise cost them to count and send in a security van to the bank.