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How do banks and private ATM owners afford to run an ATM?
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2018-02-23 at 6:40 AM UTC
Originally posted by benny vader no.
The do you know where the money ultimately comes from?yea, like having millions in mortgages and having only a few hundred Ks in your saving/checking account isnt like having no money,
it doesnt mean your a millionaire either.
Literally not even tangentially related to the discussion at hand. -
2018-02-23 at 6:44 AM UTC
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2018-02-23 at 7:54 AM UTC
Originally posted by Needledick_Needledick_Needledick So they put a large amount of cash in the ATM… How do they make money let alone afford fo run it? $3 - $3.50 fees from non memebers cant come close the amount of cash they put in… There must be some compicated system where the funds get credited to that institution…but ultimatly its the individuals money not the bank's
You get a statement from the bank every week or so, and the money you put into the ATM is the same is DDed into your account, plus a small commission.
Neither the shop nor the bank makes a worthwhile amount of money from it, which is why ATMs are disappearing. The big hassle for shops is the risk of theft - having an ATM will send your insurance rates up as well.
It's less hassle just to take CCs, and the money appears in your account faster that way as well. -
2018-02-23 at 8:28 AM UTC
Originally posted by Needledick_Needledick_Needledick So they put a large amount of cash in the ATM… How do they make money let alone afford fo run it? $3 - $3.50 fees from non memebers cant come close the amount of cash they put in… There must be some compicated system where the funds get credited to that institution…but ultimatly its the individuals money not the bank's
Banks use the ATM machines to replace tellers, saving them money on wages - and allowing them to offer basic services 24/7 and on bank holidays etc.
non-bank ATM machines are usually owned and operated as a business of it's own - just like someone might own a vending machine business - which is basically what it is:vending 20 dollar bills. A basic indoor machine starts around 2000 bucks, needs to be plugged in like any other appliance and usually uses a dedicated phone line or an ethernet connection if there is already reliable web-access on site. The money in the machine is typically going to be owned by the guy who put the machine in ,just like the soda in a pop machine if he had pop machines.
You don't have to put a lot of money in it when you are getting started, especially if the location sucks xD or if you can service it often. The little machines you see at bars and convenience stores likely have the ability to hold 20-40k+ but probably only get topped up to 2-5k unless it is a really busy location.
The processor gives you 100% of your transaction fee ( paid to them by the customer's bank for offering the convenience ) and you probably will have agreed to give half of this to the business owner you placed the machine with. You can login to the processors website and see how much money is left in your machines so you know when you need to service it.
so no, no one fronts you thousands of dollars in cash to start a atm business. get your machines in good locations and yes , keeping most of the 3 or 4 dollar transaction fees can provide you an income. its still a job though and probably hard to find someone you trust enough to put on your bank account to refill the machines for you. -
2018-02-23 at 1:42 PM UTC
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2018-02-23 at 1:51 PM UTC
Originally posted by Needledick_Needledick_Needledick So they put a large amount of cash in the ATM… How do they make money let alone afford fo run it? $3 - $3.50 fees from non memebers cant come close the amount of cash they put in… There must be some compicated system where the funds get credited to that institution…but ultimatly its the individuals money not the bank's
Are you mentally retarded?
It’s not like some really rich guy puts his own $10,000 in a machine and charges $3 for people to take money out of it.
They basically are charging you the $3 to front you money that they get back from your bank. -
2018-02-23 at 1:57 PM UTC
Originally posted by Fox Paws Are you mentally retarded?
It’s not like some really rich guy puts his own $10,000 in a machine and charges $3 for people to take money out of it.
They basically are charging you the $3 to front you money that they get back from your bank.
I don't think Actor is saying the ATM operator is giving away free money for $3, I think he's wondering how it's worth their time to put in so much money and only get a split of the transaction fees. -
2018-02-23 at 2:05 PM UTCWhich is because unless it is a great location he doesn't fill it near that full. He gets to claim most of that three dollar surcharge, paying the owner of the location maybe 75c or 1.00ea to have the priveledge of keeping the machine on his property.
The machines are relatively affordable and going to the bank every week or two to get money to top up the machine isn't difficult or all that time consuming if you live near your equipment.
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2018-02-23 at 2:12 PM UTC
Originally posted by Jeremus I don't think Actor is saying the ATM operator is giving away free money for $3, I think he's wondering how it's worth their time to put in so much money and only get a split of the transaction fees.
Yeah but what he said was “$3 - $3.50 fees from non memebers cant come close the amount of cash they put in”.
It’s like, no shit but it’s literally FREE MONEY for the ATM operator. Everything that gets withdrawn is reimbursed to them by the customer’s financial institution. The $3 fee comes out of thin air. So it doesn’t matter how much money gets withdrawn -
2018-02-23 at 2:15 PM UTCI’m just making up numbers for illustrative purposes, but say I had a million dollars and put it in a bunch of ATM’s and after a month everything gets withdrawn, I now have something like $1,030,000, an increase of 3% (based on an average withdrawal amount of $100 per transaction). So I got $30,000 in free money. How is this hard for OP to understand
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2018-02-23 at 2:17 PM UTC
Originally posted by Fox Paws I’m just making up numbers for illustrative purposes, but say I had a million dollars and put it in a bunch of ATM’s and after a month everything gets withdrawn, I now have something like $1,030,000, of an increase of 3% (based on an average withdrawal amount of $100 per transaction). So I got $30,000 in free money. How is this hard for OP to understand
Assuming Treyvon doesn't come along while you've got the machine open.
Or Paddy with his JCB digger at 4am. -
2018-02-23 at 2:38 PM UTC
Originally posted by Fox Paws Yeah but what he said was “$3 - $3.50 fees from non memebers cant come close the amount of cash they put in”.
It’s like, no shit but it’s literally FREE MONEY for the ATM operator. Everything that gets withdrawn is reimbursed to them by the customer’s financial institution. The $3 fee comes out of thin air. So it doesn’t matter how much money gets withdrawn
That's not true dude, the amount matters a lot.
I googled around and apparently ATMs make about $900 a month (about 10 transactions a day, $3 per transaction) and this is split with the bank, so around $450 for the ATM owner. Let's say you turn over $20K per month. You're making about 2.25% per month on the $20K you're keeping in the ATM (and this is non-compounding). This is money you could have in some other investment that possibly make more than 2.25%/mo (although 2.25%/mo is not bad for a passive investment with minimal effort) -
2018-02-23 at 2:53 PM UTCTrue but free money is still free money. Like you said, it’s minimal effort, and it’s just one other method the banking industry uses to diversify their revenue stream
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2018-02-23 at 2:54 PM UTC
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2018-02-23 at 2:59 PM UTCWhat does your name even mean. You’re a NARC, and you “assist” the feds or what??
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2018-02-23 at 3:01 PM UTC
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2018-02-23 at 3:02 PM UTC
Originally posted by Fox Paws True but free money is still free money. Like you said, it’s minimal effort, and it’s just one other method the banking industry uses to diversify their revenue stream
"Free money"
You just need to subtract your rent, wages, electricity, internet, maintenance, insurance, and capex. -
2018-02-23 at 3:16 PM UTC
Originally posted by Issue313 "Free money"
You just need to subtract your rent, wages, electricity, internet, maintenance, insurance, and capex.
Yeah I know how net profit works dumbass.
I’m using the term semi-jokingly in the sense that this $3 fee materializes out of thin air, just for accessing your own money.
That’s why I use a bank that reimburses ATM fees, cuz they’re bullshit -
2018-02-23 at 4:34 PM UTC
Originally posted by Fox Paws What does your name even mean. You’re a NARC, and you “assist” the feds or what??
Well I was gonna call myself fucks poos but then I realized that sounds way too similar to some other faggot already on the boards. So NARCassist is just a tongue in cheek lol name, plus a play on words with narcissist, seeing as I have a fairly narcissistic mentality.
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2018-02-23 at 4:46 PM UTCAnyone ever use a bitcoin atm? I think the cheapest one I found was like 8% and I felt like I was going to get shot driving around trying to find it. All other seem to be like 12-14% of the transaction.
