| Here's How Italy's New Government Plans To Fix The Country |
| Here Are 5 Things You Didn't Know About Lies And Liars |
| 10 Retail CEOs Who Are Adored By Their Employees |
Everyone hates ATM fees, especially the inflated ones charged by standalone machines in shops and pubs. So Clint Townsend, a 25-year-old from Brooklyn, started a business that could end ATM fees for good: He's building a network of ATMs that dispense cash for free. The catch is that consumers must be willing to watch some advertising while their money is dispensed.
Townsend launched the first of his free ATMs earlier this month, and chose a live music venue the Knitting factory for the location. The first client to advertise on the machine was Domino Brooklyn, an entertainment app for Brooklyn-ites. (More from Yahoo!7 Finance: Is It Time To Fire Your Bank?)
Townsend says the ads last no longer than it takes for the banks to process your transaction. Each machine displays five different advertisements, in addition to an ad for the business hosting the ATM itself.
Townsend's company FANYC currently charges $60 per month, per advertiser, per location. Advertisers can also buy a vinyl wrap that covers the machine itself. The Knitting Factory machine is used about 100 times per week, Townsend says. "The people want this and the people need this," he says, although he admits that "advertisers have yet to come knocking down our door." (More from Yahoo!7 Finance: Seven Factors For Comparing Credit Cards)
The idea has a "Why didn't I think of that?" feel to it. After all, most banks already use their own ATM screens to pitch mortgages and home loans while you wait for your withdrawals.
There's just one drawback: Townsend can't do anything about the fee your own bank might charge you for using an out-of-network ATM. "We can't control what your bank does," he says. (More from Yahoo!7 Finance: The Hottest Prime Property Markets Around The World)
Yahoo!7 Finance Calculators:
30 Comments
Why the hell dont we all stand up to the banks.our politicians are gutless to take them and until they do the money suckers will just continue on their way. F.T.B.
ReplyHow can you possibly try and turn this into a good thing. It should be no fees and no advertisements. You guys at 7 do nothing to defend our rights as consumers, instead use propaganda to make it all seem like its what we should want.
Replywhy do they want to stop bank fees??? !! they have no need to do that
ReplyBanks haven't charged ATM fees for years in the UK, you can use any banks's machine with any card and not get charged. Before that some banks had a partnership scheme where you could use certain ones for free depending upon your bank. The banks here are just too greedy and not willing to give up a nice little earner. Heck they even still charge you to look after your own money.
ReplyLet's be realistic about this. We will have annoying bank fees and we will also have annoying ads.
Reply