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So, you might think with all the fancy mobile banking apps and the fact that we’re using less cash these days, ATMs would be on their way out. But surprise, surprise – they’re still buzzing with activity! Let’s dig into why folks are still hitting up those ATMs and why banks and credit unions shouldn’t be too quick to pull the plug on them.

ATMs pull in regular business?

Even in this digital age, the average ATM is still churning out about three hundred transactions every month. That’s right, people are still reaching for their debit cards and punching in those PINs more often than you might think. In fact, on average, folks are swinging by ATMs 8 to 10 times a month. Seems like those machines are serving up something people still find pretty darn useful.

What’s even crazier is over 40% of Americans report they would consider depositing cash into a non-bank ATM. And, they often choose to use a non-bank machine because it’s closer, more convenient, or available after standard banking hours.

So, financial institutions with machines that are open after (or before) hours and in convenient locations are a shoe-in to attract ATM users in their communities!

Cash is a big draw.

Now, here’s the kicker – cash isn’t dead yet. Not even close. Turns out, 56% of Americans still like having a bit of cold, hard cash in their wallets when they’re out and about. Whether it’s for a quick coffee, tipping their barista, or just having some emergency money on hand, cash still has its place. And you know what that means? Yep, you guessed it – ATMs are still the go-to spot for getting your hands on some cash when you need it.

But wait, there’s more. “Paying for your money” has never been popular. Today that sentiment is even more common than before. A whopping 75% of Americans say they’d do “just about anything” to avoid paying an ATM surcharge fee. We assume “just about anything” actually means hunting down those elusive surcharge-free ATMs like they’re hidden treasure. And let’s face it, who can blame them? Paying extra in this economy? Hard pass.

So, before banks start thinking about ditching their ATMs, maybe they ought to think twice. Instead of seeing them as old-school relics, they should see them for what they really are – lifesavers for folks who still like to have a bit of cash on hand and who hate paying unnecessary fees.

Wave2 Locator Tracking and Reporting Data Visualization

What do you do about ATMs?

One smart move financial institutions can make is to make sure folks know exactly where to find those fee-free ATMs. How? Well, a snazzy mobile app or a handy website feature like the Wave 2 Branch and ATM Locator that helps people locate the nearest fee-free ATM could do the trick. Being able to pull up your phone and instantly see where you can grab cash without getting dinged with fees? That’s the kind of convenience people love.

And here’s the bonus – making it easy for folks to find fee-free ATMs isn’t just good for them, it’s good for your financial institution too. By making it clear that you have plenty of fee-free ATMs to go around, you can attract more account holders and keep the ones you already got happy.

So, let’s hear it for the humble ATM (and fancy branch and ATM locators) – still going strong, serving up cash, and helping people get easy access for their banking needs when they need it most.

Discover how the Wave 2 branch and ATM locator can make it easy for everyone to access your ATMs, branches, ITMs, and more! Contact Us Today!

Wave2 Contact:
Jason Green, Co-Founder
301.652.1245
jgreen@wave2.io
Schedule a Demonstration & Discussion

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