Tuesday, 13 March 2012

Cash machines which make you watch adverts before you withdraw your money

Cash machines that let you watch adverts to avoid paying fees could be coming to Australia, an industry expert has indicated.
The idea is being trialled after some success in the U.S. and could hit machines that charge soon.

However, customers caught in a cash machine queue are being warned they might be left waiting an extra long time.

Australian banking customers are expected to follow in the footsteps of ATM users in the U.S. and make free transactions if they watch a quick commercial first.

Customers ATM is the country's largest independent provider of ATMs with more than 6,000 terminals.

The company's corporate affairs manager Rohan Martin said the concept could hit our nation's cash machines.

'Time will tell,' Mr Martin said. 'Whilst the very large advertisers see it (ATMs) as an excellent medium, we're mindful that the intrinsic function of the terminal remains.

'That is convenience, it's about people gaining cash in a safe and secure environment and doing that as quickly and efficiently as possible.'

Mr Martin said ATM providers would need to look at the value of wavering or discounting the cost of making a withdrawal if advertising were used.

U.S. company Free ATMs NYC rolled out the concept late last year and millions of users have made the most of fee-free withdrawals by simply watching commercials for up to 30 seconds.

In Australia, consumers are often hit with fees starting from about £1 for withdrawing cash from an ATM if they use a machine that is not linked with their bank.

Australian Bankers' Association chief executive officer Steven Munchenberg said he would be surprised if big banks promoted third-party sources and not their own financial institution on their ATMs.

'Banks already use their ATMs as a form of advertising,' he said.

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