Want to poll members.....What's a fair ATM surcharge?

I say just get crazy with it and charge 25 dollars, but have it show up on the screen as $25.0. People are so used to seeing 2.50 that they might not notice and bam, you just made some serious money.

I have a hunch that this would only work for about a month though.

 

If I say 4.50, I don't care if I was dead broke i'd go elsewhere. The only place I've ever seen it THAT high was a casino.

People forget that there are plenty of ATM's everywhere. Don't rock the boat.

 

Unless I am in a sports stadium, gentleman's club, or some other "captive audience" location (comedy club, amusement park.....that kind of thing) I would never consider more than 3 dollars.....

I voted 3 because it's a psychological barrier.....you "see" 2.75 and think 3 bucks...but you see 3.25 and you think "Holy crap they are charging me more than 3 bucks for my money"

 

I never use an ATM that isn't from my bank. I refuse to pay an ATM fee.

In the past 10 years I think I've done so and paid an ATM fee ONCE out of absolute necessity.

My answer to this poll is ZERO dollars.

Paying ATM fees is wasteful.

 

if i'm looking to consider fees somewhat, i'll search for my own bank.

If I need cash and won't consider fees, I'll pay anything under $5. So I think $4 is a sweet spot personally

(aside from vegas, strip clubs, etc. where anything goes)

 

ATM's are service machine, you're saying he should spend several thousand on the machine, then charge people zero to use it?

 

You know that you are paying about 7.00 for a transaction that high as your bank will also charge you 2 to 3 bucks also.

 

No. The banks should be putting the ATM machines in corner stores everywhere, they should all be networked together, and they should all be free of charge.

Banks should also not be charging practically ANY service fees to their customers.

However, since people are so frivolous that they're willing to pay fees to get their money, the current system exists.

 

Yes, I am very aware.

which is why I said I'll search for my own bank unless I "need cash". It's a rarity. I'd say it happens 2-4 times a year (not counting international weirdness or Vegas)

 

I'd say $3 is fair and is easy to calculate.

 

"Since you're asking, why don't you just go for a COOL MILLION?"
"You do not think that would be too much?"
"NAAAAAHHHH."

Name that movie. (difficulty: easy )
EDIT: greenhippo solved it - Coming to America - post #56

 

You want to pole members, huh?

Spoiler

Too easy

 

i think 3 would be fair, usually it would depend on how much cash i am taking out..if i am going to take out 20 bucks for something quick i probably will not pay 3 bucks but if i am taking out 100 or something yeah 3 is fine.

i generally will try to find a wells atm first though

the only time i paid 5 dollars was in vegas at a casino otherwise will always try to find a wells atm

i would try to raise it up 3 i think that seems fair...

is this atm just near an airport or inside the airport itself? if its inside the airport there will be other atms for sure i wouldnt risk raising it too high if just outside the airport it would be harder to find another quickly (esp if you're a tourist)

also if yours is a bit cheaper than the others around you probably will get more business - if there are other atms around do you know what they charge? you have the added bonus of not having to pay rent for the space thanks to your uncle you could make more money by doing something like that even if 90% of your transactions are from out of state they could be frequent business travelers and eventually would figure out where the cheapest atms are i've had colleagues tell me where to go for cash/food/hookers etc when going out of town for business

 

Where do I bill for business advise?

 

Ha ha ha, I love this movie.

 

good for you I am interested to hear down the line if there were any significant costs that ended up playing into it.

thanks for answering my questions.. if avg is below $100 per transaction I would consider putting tens in there. It is no cost differential to you, and I predict it would create a more transactions per month. My internet guess of course.

So start up is $2000? and the need for a good location?

You have a distinct advantage of the free space, and the good locations that is the key here... those looking to enter new ,will not have such luxury of free rent and good location.

Does the system tell you how many people said 'no' when you asked them if the charge was okay?

Have you decided what number to put it at? Your title says 'fair' and I would fair is $1-2 .. a business making money? $4.50

 

I think being close to the airport, travelers won't mind a $4 surcharge when they're taking a vacation that costs them hundreds.

 

Forget the pretense of a 'fair' charge. You won't have my business over $2. Even at $2, I'll hate you.

But, that doesn't matter. If you're really right that you don't have repeat customers (debatable), you can experiment without driving everybody crazy. Try the high end for awhile and see what it does to traffic. If you can get data on how many people canceled their transactions after seeing the surcharge, that'll help you understand what the market will bear.