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Company to launch no-fee ATMs that instead rely on ads

Consumer Reports News: December 19, 2011 03:38 PM

The company, Free ATMs NYC, plans to roll out several thousand ATMs that have no fees and are not tied to any one bank across the country by the end of next year. Instead of fees, customers will watch an ad.

The commercials would be part of the process if you made a monetary transaction at one of these ATMs, which would then cover the fee that banks normally charge you if you use one of their ATMs but do not have an account with them. The fee-free ATMs, however, cannot stop your bank from charging you for using a non-affiliated ATM, so you may still get hit with a fee from your bank.

Free ATMs NYC recently tested the ad-based model for ATM transactions in New York City. According to CNNMoney, two advertisers have signed on with the company, which is also in talks with advertising firms and several national companies. Ads would be shown on the ATM screen before, during, and after a given transaction.

The company also has plans for ATMs built with a second screen installed above the one you conduct your transaction on, which would display constant streaming ads. The ATMs will also let you opt out of watching advertisement and instead pay the typical fee, if you so wish.

The fee-free ATMs will be installed in places that may not have a bank close by, and could include various locations, such as cafes, supermarkets, hotels, bars and malls.

No more fees: Company to launch free ATMs [CNN Money]

Maggie Shader

   

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