ATM Usage Survey
November 9, 2007
The Business of ATMs is Growing at Multiple Ends
The business of providing cash is attracting more eyes than ever before following Bank of America’s September 18th announcement to raise transaction fees to $3 per transactions. A recent survey done by the morefocus group indicates that both ATM use and ATM fees are on the incline, and small businesses are entrepreneurs are jumping in to lay their stake.
The poll focused on the consumer attitude toward ATM terminals as their first point of interest and found that over 61% of the surveys preferred ATM transactions to a face-to-face teller experience.
“The attitude toward fees was definitely an area of interest for us as well,” said Dr. Carey, revealing that over 85% of the surveyed considered ATM fees to be unnecessary and inflated. “What we aimed to understand why those people who saw little to no value in the ATM service were still using them.” What Dr. Carey and his team did find was that 62% of the people who feel the fees of an ATM unnecessary still find themselves at one at least once a month. “The reason being the immediate necessity for cash.”
Those surveyed reported having paid terminal fees over $4 per transaction and an average over $2.
With the increase in fees and a large percentage of the polled population reporting an irritation to this, one might expect the usage of these services to be on a decline. What the team at morefocus found, was quite the opposite. Survey stats revealed 87% of people feel more comfortable with ATMs than they did 5 years ago and 50% of the total polled are going 5 times a month or more.
More than 44% are reporting that they don’t mind paying ATM fees as long as they are reasonable, “all this is pointing to a very kind of unique business opportunity,” said Dr. Carey.
For more information on this growing trend visit:
ATMs and Your Small Business
The Future of ATM Fees
Business Models that Involve ATMs
Question/Answer |
n |
% |
How many times a month do you use ATM
machines, including deposits and withdrawals?
|
190 |
|
0 |
16 |
8.42% |
1 to 5 |
79 |
41.58% |
5 to 10 |
53 |
27.89% |
10 to 15 |
24 |
12.63% |
15+ |
18 |
9.47% |
|
|
|
How many times a month do you use ATMs
that aren’t located at your bank or credit union? |
181 |
|
0 |
53 |
29.28% |
1 to 5 |
83 |
45.86% |
5 to 10 |
29 |
16.02% |
10 to 15 |
8 |
4.42% |
15+ |
8 |
4.42% |
|
|
|
How much money do you usually withdraw? |
172 |
|
$20 |
24 |
13.95% |
$40 |
38 |
22.09% |
$60-$80 |
47 |
27.33% |
$100-$140 |
29 |
16.86% |
$160-$200 |
12 |
6.98% |
$220-$280 |
4 |
2.33% |
$300+ |
18 |
10.47% |
|
|
|
Do you use one ATM more often than others? |
171 |
|
yes |
106 |
61.99% |
no |
65 |
38.01% |
|
|
|
Does the convenience of ATMs outweigh the cost? |
167 |
|
yes |
67 |
40.12% |
no |
100 |
59.88% |
|
|
|
What is the average ATM fee you pay? |
167 |
|
$1 or less |
52 |
31.14% |
$2 |
93 |
55.69% |
$3 |
18 |
10.78% |
$4 |
1 |
0.60% |
$5 or more |
3 |
1.80% |
|
|
|
What is the highest ATM fee you’ve ever paid? |
167 |
|
$1 or less |
11 |
6.59% |
$2 |
44 |
26.35% |
$3 |
54 |
32.34% |
$4 |
26 |
15.57% |
$5 or more |
32 |
19.16% |
|
|
|
Does your bank charge you a fee for using
someone else's ATM? |
162 |
|
yes |
89 |
54.94% |
no |
38 |
23.46% |
not sure |
35 |
21.60% |
|
|
|
When choosing a bank, how important are
ATM fees in your decision? |
162 |
|
very important |
69 |
42.59% |
somewhat important |
62 |
38.27% |
not important |
16 |
9.88% |
not at all important |
15 |
9.26% |
|
|
|
ATM fees are unnecessary and inflated. |
156 |
|
strongly agree |
89 |
57.05% |
agree |
45 |
28.85% |
disagree |
12 |
7.69% |
strongly disagree |
4 |
2.56% |
neither |
6 |
3.85% |
|
|
|
I don’t mind paying ATM fees as long as
they’re reasonable. |
159 |
|
strongly agree |
14 |
8.81% |
agree |
56 |
35.22% |
disagree |
38 |
23.90% |
strongly disagree |
51 |
32.08% |
|
|
|
Do you use ATMs more or less now than
you did five years ago? |
160 |
|
much more often |
35 |
21.88% |
more often |
50 |
31.25% |
less often |
30 |
18.75% |
much less often |
16 |
10.00% |
no change |
29 |
18.13% |
|
|
|
Do you feel more comfortable using ATMs
today than you did five years ago? |
155 |
|
much more comfortable |
23 |
14.84% |
more comfortable |
45 |
29.03% |
less comfortable |
16 |
10.32% |
much less comfortable |
6 |
3.87% |
no change |
65 |
41.94% |
|
|
|
Which do you prefer, using ATMs or banking
face-to-face with a teller? |
155 |
|
ATMs |
96 |
61.94% |
tellers |
59 |
38.06% |
|
|
|
Have you ever thought about owning or
managing ATMs? |
153 |
|
yes |
26 |
16.99% |
no |
127 |
83.01% |
|
|
|
What is your gender? |
151 |
|
male |
93 |
61.59% |
female |
58 |
38.41% |
|
|
|
What is your age range? |
153 |
|
17 or under |
8 |
5.23% |
18-24 |
24 |
15.69% |
25-34 |
33 |
21.57% |
35-44 |
31 |
20.26% |
45-54 |
29 |
18.95% |
55-64 |
15 |
9.80% |
65 or over |
13 |
8.50% |
