My last blog I discussed how banks are rolling out all new or increased surcharges and fees in 2012 in order to recover lost revenue from the recession. One of those fees that affects most of us is the $2-$5 surcharge we get hit with every time we use the ATM. Banks even “double dip” with the bank that is maintaining the ATM charging you and then your bank charging you for using another bank’s ATM. These fees could add up to over $300 a year depending on how often you need an ATM.

People will often go to great lengths to avoid these superfluous fees. I know any time I need some cash money I keep a close eye out for a Wawa, which has become a great business decision for them and drives a lot of traffic into their locations. Well if there isn’t a Wawa to be found, there may be a new option coming to an ATM in your area. A company in New York City, Free ATM’s NYC, has created an ATM that uses targeted advertisements to cover the costs of the surcharge. While banks already show advertisements on the tops and sides of ATM’s to promote their products and services, these ads would be on-screen and for local businesses. How it would work is during the time the screen’s message says the transaction is processing, which is usually 10 seconds or less, an advertisement would play.

They currently have 2 models. One has a normal 10-inch main screen where transactions are conducted and the quick advertisement would play. The other has a 15-inch LCD screen above it that shows a looping ad.

They don’t want to force users to see more ads so they will have the option of watching it while they are waiting anyway or pay the normal $2 - $5 surcharge. They will also give users the option to donate a portion of their fee to a charity. Furthermore, at the bottom of the ATM receipt, where you can see what little money you actually have left in your account, there could be a coupon that could be ripped off and used at a local business - $2 off pork chops at Phil’s Pork Chop Emporium. Now that’s a deal.
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Nick Haneiko

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  1. Some banks still charge an ATM fee even when you use a free ATM at a place like Wawa or, presumably, these new ATMs in NYC. For ATM fee savings, I ussally go for the time tested cash back option on a pack of gum. Sure the gum is sort of like a few, but at least it's a tasty, chewy fee.

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