36. ATMs | The Economics of Everyday Things

[@BwannaKubwa]

I sold bank branch equipment and ATMs in the mid 70's to the mid 80's for Diebold. One of my sales was to Bank of America. Your historian left out the impact of automatic transmissions on the number of women driving. This aided in the growth of suburbs, bank branches and ultimately ATMs.

[@rosetellem]

Can you elaborate?

[@StephenMatrese]

9:30 If your bank is charging you to you an out of network ATM, ditch them. Better, there are banks that refund ATM fees (usually to a limit).

[@StephenMatrese]

The bank pays the ATM owner via the interchange fee AND the surcharge, but at least we don't pay it.

[@AnonYmous-fv1de]

Good stuff, as there is no video, I can work jigsaw puzzles while I listen.

[@chrishagins3309]

I have four words....Charles Schwab checking account.

[@kotanagant9768]

Good episode. I do hope that society doesn't go 100% cashless anytime soon.

[@StephenMatrese]

18:10 "reverse ATM"- gives you a preloaded card- why not take deposits at your ATM? Like, a deposit to a checking account with an ATM card. Would they not receive an interchange fee? Could they not limit it to cash only it checks are too much to deal with (although, I suspect only check images are transmitted). PNC Bank takes deposits from other financial institutions. Without self-doxxing, I'll just say that many times I'll use my local credit union ATM card at PNC to make deposits without issue or fees

[@grahamrankin4725]

ATMs are ubiquitous here in Oregon in Marijuana dispensaries because they take cash only.

[@GeeEee75]

Why is that? Do you know?

[@chevtruck1000]

It's amazing how willing people are to ignore what is going on around them for anything that seems to make their lives easier.

[@ericlarsen1721]

Absolutely, like commenting on KZbin videos...

[@PaulHFleming]

I find ATM extremely convenient. However I don't think fair pay over $2.50 per transaction. I do remember days when if need cash after 6pm weekdays or all day weekends you had wait until your Bank Branch opened.

[@StephenMatrese]

Get a new bank account, one that refunds ATM fees

[@ILYOSBEKMosajonov]

The dopest podcast ever made

[@StephenMatrese]

18:35 I've been cashless since I was ~12, but I use medical cannabis, so guess who's going to an ATM (two- withdrawal and deposit of remainder) every time? Yep, this guy)

[@josephpostma1787]

Why not withdrawal cash at your bank?

[@michaellee1268]

I have a Citibank Citigold account that will refund all ATM fees

[@curtbalch2321]

ATMs are just vending machines. Vending machines dispensing the highest risk product with the smallest mark-up and most complex operating system in the vending industry. Hats off to those that make it work, but I'd rather invest in snack and drink machines.

[@Mainbusfail]

Absolutely! At 9 I got a bubblegum machine [.25c] and got permission to put it on my teachers lounge free of charge until I finished out of middle school. I kept it stocked and averaged 40.00 a week for 5 years.

[@dramatyst5661]

They make a killing in dispensaries bc dispensary says "cash only"

[@GeeEee75]

I cannot remember the last time I withdrew cash from a bank or ATM. I'm 50 next year.

[@rlkinnard]

Some of those ATMs could be easily take your information

[@MaxPower-11]

Most folks shouldn’t have to pay a fee to obtain money from a nearby ATM. Any decent bank or credit union should belong to a network that has tens of thousands of no-fee ATMs in the US. If you like to use cash and your bank doesn’t belong to such a network then you should join a better one.

[@ponypruhest]

If they don’t take card payments, leave! Take your business elsewhere

[@StephenMatrese]

That's what I do

[@MrTakaMOSHi]

You're missing out on a lot of great food lol

[@MaxPower-11]

Most folks shouldn’t have to pay a fee to obtain cash from a nearby ATM. Any decent bank or credit union should belong to a network that has tens of thousands of no-fee ATMs in the US. If you like to use cash and your bank doesn’t belong to such a network then you should join a better bank.

[@hoehoppin24]

2.50 is 2.50 bud

[@BernardS4]

this history lesson is BS. I remember seeing ATMs on islands in parking lot of shopping centers in the mid 70s. There was a joint operation (the Exchange) of ATMS in the northest with many member banks, at least Washing, Oregon, Idaho., BC)

[@NicotheMerchant]

Hah...stripclub tax

[@samtibbitts]

18:30 our transaction volume is the same today as it was 10 years ago. So you are *completely* supported businesses with questionable Federal legality (dispensaries, brothels, etc.) and businesses that *should* have transitioned to processing card payments by now but have not. Locations like restaurants that are ok with making the payment process less convenient and more expensive for the customer because of a relatively small cash incentive (why are we patronizing these locations?!?)