It’s no secret that banks and credit unions are changing the ways they provide services to their account holders – pushing for less expensive service channels such as web portals, mobile applications, and ATMs. As a result, the number of available bank branches has dropped over forty percent (40%) since 1980, according to a recent study Teller Line Study from FMSI. Now, most U.S. consumers still choose to get their cash from an ATM – often loading up on cash five or more times per month. Financial Industry experts, citing the change to bank retail delivery, predict a focus on increasing ATM availability – resulting in a significant push for banks and credit unions to find ways to offer surcharge-free transactions.
A new industry trend report shows a marked preference among consumers for fee-free ATM access. In fact, seventy-nine percent (79%) of respondents stated surcharge-free (SF) is “very important” or “essential” for their banking needs. Fee-free ATM access was even more important to survey respondents than nearby branches.
ATMs are considered a lucrative addition for many establishments. Studies have found that a standard on-site ATM can increase sales as much as eight percent. In addition, twenty-five percent of cash withdrawn at the ATM is typically spent on premises. The percentage of spend increases to as much as seventy-five percent for entertainment venues such as bars and restaurants.