Wishlist : Five upgrades for ATMs
13 Jul
Many people use an automated teller machine (ATM) on a daily basis. From withdrawing money to depositing checks to checking account balance, most of the people depend on ATM machines so much that some will not even live in area where there is no ATM nearby. While the ATMs have come a long way from the early days when ATMs would take a long time to dispense money, there are still many things that need to be improved in order to make using ATMs easier and much safer.
Following is a list of five simple upgrades that banks could implement into the traditional ATM concept. These enhancements may seem minor, though as you read on you’ll realize the important positive impact such changes will bear for customers.
- Allow for withdrawal of cash in any amount. Majority of the ATMs allow withdrawal in increments of 20 dollar bills. Banks should change this to allow any amount of withdrawal, with the minimum being a dollar or something close. Most credit unions allow withdrawals in increments of $5, which is one of the reasons many people have bank accounts with credit unions. Imagine being stuck in an emergency situation where you need two dollars. You could end up using another bank’s ATM to take out $20 and incur transaction fees on top of that because majority of the banks charge non-customers for using their ATM. Allowing for smaller amounts of withdrawal will surely result in more people using ATMs.
- Allow instant access to deposited money. Banks can install fake currency mechanism in ATMs and allow anyone to deposit money easily by sliding the money into the machine like an ATM card, instead of going through the hurdle of putting money in an envelope and then depositing that envelope. If vending machines can accept and reject money, then banks can take that concept a step further to have ATMs that take money and work perfectly. Instant verification of the inserted money can ensure that the ATM recognizes fake bills, and can also allow instant update to one’s account so that the deposited money is available right away instead of taking several days to be deposited. This will also result in more people using ATMs as an alternative to going to a branch location during business hours.
- Allow deposited checks to be cashed instantly. Merchant processors these days allow checks to be cashed online instantly. ATMs can also have such a feature built in, like having a variant of ACH integrated, ensuring that any deposited check gets cashed and charged immediately. The ATM user can also be notified of any problems with a check right away using this method, instead of waiting a week to ten days for a check to clear.
- Place all keypads deeper into the machine, surrounded by covers. Majority of the ATMs in the world still have a keypad that’s on the same level as the rest of the machine, and thus the only way to hide what one is typing is by covering the ATM like a bat. Currently, signs around ATMs provide customers a list of precautions to take. However, telling a customer a list of dozen precautions creates more fear than the sight of seeing someone with a trench coat standing near an ATM. Some banks place dark shield-type glasses in front of an ATM, detering people from being able to look at an ATM keypad clearly from a straight line. However, those very people may simply move to the side and easily see what one is entering into the keypad. Placing these keypads deeper into the frame of the machine itself will allow only the person standing directly at the ATM to see the keypad, and no one else.
- Place bright lights near ATMs, and place the ATMs near main roads. Many ATMs are located in the back parking lots, ensuring that even if someone is robbed in broad daylight, a nearby passing car on the main street will never see it happening. On top of that, the lights focusing on the ATMs are always brighter than the surrounding lights, which results in ATM users not being able to see anyone hiding nearby. This is not good, unless the banks want to get their customers to get robbed at forkpoint. ATMs should be placed in bright open spaces with bright lights focusing not only on the ATMs but also on the surrounding areas to ensure that anyone hiding nearby can be spotted easily from a distance and from the ATM itself.
That is the list of 5 things that I think whould make ATMs much better. What do you think? Would any of these changes make life a bit easier for you? Do you have any point in mind that could make ATM transactions a better experience for you?
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i think today everyone prefer e-banking than atms. actually over here in my place, we already have withdrawal of cash at any amount, instant access to deposit money and instant cash deposit. the only improvement i hope for is drive-thru atms. yet to find it anywhere
YES!!!
help me!!!! :( i forgot the password of the login in here :( :( btw, post more… i will keep updating myself here :) miss u!!!
Yes! The one I’ve always wanted, and want most is the ability to take out something other than 20s. Like if i’m taking the bus home, chances are I don’t have enough singles and quarters. There’s a bank on my way to the bus stop. I have to withdraw a 20 (and get charged a damn $3 fee if I’ve already used the atm 3x this month), then stop at the Walgreens down the block to buy something to get change, and then ask for one of the dollars to be in quarters. Even if not ones and quarters, I’d love to be able to take out say $50 instead of $60, then looking for someone to break a 20 into tens.
For #2, I’m a bit confused. Instant access to deposited cash? Why not just keep the cash that you need instead of putting it into the ATM, then taking it back out?
I think your list is great though, and hope to see those things implemented soon.
Jerine — > We have so many atms here, it’s amazing. However, the atm fees are also amazing. You’re lucky, and that’s a good thing: I would love to withdraw $7 instead of $20 anytime.
Valerie — > WOOOHOOO!! :O I mean, yes!
A.J. — > :O Emailed it to you. :D Does it work?
Stacee — > Yes, like the bus. Long time ago I used to take out $20 and then buy something to get a change to pay for the bus.
About #2, it’s like this: imagine I have $100 on my debit card and $40 in cash, and I want to buy an ipod online tonight for $125. I would love to deposit the $40 into the bank and have it available right away and not pending verification. Or even more, imagine I have $25 in my account and $400 in cash, and I want to buy a computer online tonight at a price of $350. I need that $400 deposited and available right away, instead of the usual first $100 available for one night for any deposit. Same thing with a check: I should be able to deposit a check and have it available instantly and have it verified and cashed right away too.
Thanks! :D
I would love to have all the fees for one day that all the atm machines collect.
Hi “Atms…”, thanks for the comment. Indeed, the fees that many atm machines and locations charge for each out-of-this-bank transaction can amount to thousands in many locations. Do you have any other suggestions for ATMs, besides the one that the fees should be done away with or given to you? :)