With everyone using debit cards, why are ATMs still popular?
Automated Teller Machines (ATMs) have come a long way in the last 30 years. Not only do you have access to withdraw funds from your free checking account or savings accounts, but ATMs provide you the convenience of making deposits (and you don’t even need an envelope to do that anymore!). Now, you can just insert your cash or checks and it’s done.
Here are some of the well-known conveniences of using an ATM:
- Multiple locations—you can find a machine on just about every corner.
- You can get cash day or night, so there’s no need to wait for a branch to be open.
- You can use any ATM that belongs to a network to which your card is linked. For example, if you have a Mission Fed Platinum Debit Card, you have access to more than 30,000 CO-OP ATMs that you can use without incurring any fees.
- You can advance funds against a credit card.
- You have access to your funds in foreign countries.
- Cash is there when you need it, because some places still require cash as a form of payment, like the snack bar at your child’s little league game or some parking lots.
- You are not required to show an ID when using an ATM.
Now don’t get me wrong—in our “on the go” society, we all like having options as well as convenience, and the debit card certainly offers conveniences like not having to carry cash around with you, which keeps your money safe. Debit cards can be used at most retail locations, and there’s no fee to use the card like at some ATMs. If you lose your debit card, your money is protected by a PIN, unlike your cash that, unless someone else notices it fell out of your wallet and gives it back to you, is unfortunately gone with the wind.
Mission Fed’s ATMs have been envelope-free since 2014, and offer both member and non-member specific ATM screens to show what products and services we are offering that someone may not be taking advantage of—yet! Plus, ATMs allow you to have convenient access when you’re on the road and need to make a transfer between accounts.
So whatever your need, ATMs provide you the option of cash when you need it.
The content provided in this blog consists of the opinions and ideas of the author alone and should be used for informational purposes only. Mission Federal Credit Union disclaims any liability for decisions you make based on the information provided.
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