Tag: Bank at Work Programs

  • Using ATMs to Promote Financial Literacy

    One of the silver linings of the financial recession in the mid-2000s was that it was supposed to have taught consumers a hard lesson about the dangers of debt and other financial issues.

    However, statistics from CareerBuilder show that 78% of U.S. workers live paycheck to paycheck and one in four don’t save. And while most people acknowledge the need for emergency savings and a retirement plan, few understand how to attain those goals. A limited number of Americans can successfully implement a budget, leaving many adults in debt with no understanding of how to dig themselves out.

    In a 2015 study by FINRA, participants were asked five questions covering aspects of economics and finance encountered in everyday life, such as compound interest, inflation, risk and diversification principles, the relationship between bond prices and interest rates, and the impact that a shorter term loan can have on total interest payments over the life of a mortgage. Only 37% of participants were able to answer four or more of the five questions correctly – indicating that the majority of Americans are financially illiterate to some degree.   

    Americans Look to Banks & Credit Unions for Financial Planning

    A study by Raddon found that 55% of consumers are more likely to turn to a bank or credit union for resources on financial literacy than a financial adviser.

    The report also suggests banks and credit unions have an opportunity to entice consumers to switch financial institutions by engaging consumers with financial education. And, the best way to market retirement and wealth management programs is in small digestible chunks of information.

    However, the study also notes that financial institutions struggle internally with their support of financial literacy programs, mainly because these programs are expensive. Justifying the cost of educating account holders on financial literacy to upper management can be difficult since return on investment is difficult to document.

    ATMs as a Marketing Channel for Financial Literacy

    Banks and credit unions have been exploring the unique marketing capabilities ATMs offer such as customized screens and signage that help them enrich the consumer experience for some time. As a critical touch point for account holders, ATMs can also be used to educate consumers and market financial planning programs with little or no extra cost to the financial institution.

    Self-service options are also vital to the way younger generations, especially Millennials, manage their money, with statistics showing that mobile banking users are more likely to visit an ATM than a branch ‒ which strongly suggests ATMs are the perfect channel to market important financial services.

    Marketing financial planning programs while consumers are actively accessing their account and considering their personal spending habits makes them more likely to remember the services offered. The ATM also allows financial institutions to track participation in variety of ways, such as requests for information using a unique landing page URL, QR code, Text/SMS response or promotional code on the ATM wrap, screen and the receipt.

    Engaging Consumers at Work

    Employers all over the country are beginning to see the opportunity to enhance their workplace benefits by offering ATMs on-site. The practice is beneficial to employers and employees alike as it provides easy cash access in a secure environment and allows staff to better manage their time.

    By partnering with local companies, banks and credit unions can offer ATMs that allow surcharge-free transactions for account holders, increase brand awareness for the unbanked or competitor-affiliated user, and market their institution with financial education and retirement planning information in the environment where consumers are most likely to engage – the place they make their money.

    To help financial institutions better market financial education, ATMatWork offers:

    • Customized ATM wraps that can include a QR code

    • Rotating ATM screens and welcome screens customized for the institution

    • Static or video signage

    • Receipts that include promotional offers

    • Attached brochure holders for educational materials

    Partnering with local companies to provide employees with easy cash access with an ATM is a valuable resource that banks and credit unions can also use to offer information vital to raising Americans’ financial literacy. And, with ATMatWork’s unique programs it is hassle-free and cost-effective.

    Our experts have more than 100 years combined experience. ATMs is all we do! Contact us today to find out how we can help you build a bank at work program that delivers results.

  • Make a New Year’s Resolution to Save Staff Time & Money with an ATM in the Workplace as a New Employee Benefit

    It doesn’t take a big raise or expensive gifts to make employees happy. Millennials especially look at benefits differently than their predecessors. As the first tech-savvy generation, they expect digital connectivity and convenient self-service access everywhere they go.

    One of the simplest ways to ensure employee satisfaction is get creative with benefits and perks that add real value to employees’ lives. That’s why the popularity of ATMs in the workplace is growing among employees and employers alike.

    Employees love having easy, safe access to their funds without having to use break time or leave work early to run errands.

    • Saves Employees Money. By having a surcharge-free ATM in your building, employees save thousands of dollars annually.  

    • Saves Employees Time. Being able to do their banking at work, saves employees a considerable amount of time. No more using break time or leaving work early to drive to the bank for cash.

    •  Increases Employee Safety. Having an ATM in the workplace offers an extra layer of security for employees since there is no safer place to withdraw cash than at work.

    A Competitive Advantage without a Big Price Tag

    In addition to making it convenient for staff, having an ATM on-site give employers a competitive recruiting advantage. And, having an ATM at work is cost-effective. In fact, in most cases having a surcharge-free ATM in the building is less expensive than paying for medical insurance for a single employee for just one month.

     Employees thrive at work when they know their contributions are valued. Letting your employees know they matter to you and the company helps employees stay engaged and excited, improving both the quality of work and the overall office environment.

    Contact the experts at ATM at Work and let us help you thank your employees by giving them surcharge-free access to their funds ‒ saving them time and money with an ATM at work!

  • Why an ATM as the Centerpiece of your Bank at Work Program will Help Increase Brand Visibility

    On-site ATMs for local businesses are a great way for banks and credit unions to increase brand presence. But, when used correctly, they are also a step toward creating a community partnership that develops new accounts and revenue for the financial institution through Bank at Work programs. 

    Our cost-effective and hassle-free program will help you:

    • Promote payroll deposit accounts to associates and executives at employee-based locations

    • Introduce employee-based groups to your products and services

    • Branded ATM becomes the centerpiece for enhanced relationships with the employee groups

    • Hands off, hassle free ATM – completely managed by the ATM experts at ATMatWork

    Our experts have more than 100 years combined experience. ATMs is all we do! Contact us today to find out how we can help you build a bank at work program that delivers results.

  • Be a Human Resource Superhero by Providing Your Staff with an ATM at Work!

    Your employees are using an ATM and chances are they are spending a great deal of their paycheck on fees to obtain cash. 

    Many Human Resource professionals recognize this and that’s why having ATM in the building to give their staff easy access to cash — surcharge-free — is becoming one of the hottest new employees benefits being offered by employers.

    Having an ATM on-site Saves Employees Time and Money, Keeps Staff at Work and provides a Convenient and Safe Environment for employees to do their banking. And best of all ATMatWork offers ATM options that are Hassle-Free and, in most cases, less than what you pay in insurance for one employee each month.

    Contact the payment professionals at ATMatWork to get started. 

  • Give Your Paycard Employees More Money…Without Spending a Fortune

    The mortgage crash of 2008 did a lot more than cause a recession. It created a long-lasting anti-financial institution mindset in a large chunk of America’s younger generation. This change in behavior has led to a gradual increase in the un- and under-banked throughout the US – a number now floating around the 15 million mark.

    As Millennials begins dominating the workforce, many employers are faced with the dilemma of finding ways to pay them. Where many in older generations enjoyed the benefits of direct deposit, a lack of bank accounts for younger workers has resulted in a surge of payments by check. However, a study from Workforce Institute at Kronos reported paychecks arrive late for about 15% of Americans and 25% of respondents reported regular receipt of incorrect payment.

    It is for exactly these reasons that many businesses have come to rely on the ability to direct pay employees. But, with the rise in un- and under-banked workers, employers are struggling to bring all of their employees into the digital payments fold. The solution for many? The paycards or payroll card.

    The idea behind use of paycards is simple. Employers have an electronic way to provide fast funds disbursement as well as an easy way to quickly resolve pay discrepancies. In return, employees have immediate access to their funds on payday, rather than having to take the time to deposit or cash a check. As an added benefit, most paycards utilize the rails of major card networks, allowing the cards to be used for debit transactions.

    But, just like checks, paycards are not all sunshine and rainbows. Similar to some bank accounts, there are many paycards that also issue fees to their cardholders. Some of the most popular fee-incurring situations include an ATM usage fee, card replacement fees and low balance fees. In some cases, there are additional charges for not using the card over a certain period of time. In short, they may “have their money” but they have a great deal of difficulty accessing it without loosing a chunk of their earnings to fees.

    Fortunately, there are several easy ways for businesses using payroll cards or paycards to help their employees avoid fees while better managing their funds.

    • Promote Use of Surcharge-Free ATM Networks – Most major paycards are also members of one or more surcharge-free networks such as Allpoint, MoneyPass and CU Alliance. These networks provide nationwide cash access at participating ATMs. Employers can provide a link to the ATM the locator app and information for any network associated with their payroll cards as well as maps, flyers and other reminders to their employees paid via paycards.

    • Encourage Financial Health – Employers can host workshops and knowledge sessions for paycards employees that help inform attendees about the steps to financial health and freedom including budgeting, investments and knowledge of the fees associated with their payroll cards…as well as ways to avoid them.

    • On-Site ATMs – An ATM in the workplace provides safe, secure access to cash in a convenient location. The machine can be loaded with one of the surcharge-free networks associated with the paycard in use on-site, offering employees a fee-free way to access their funds – on payday or any day.

    Employees often need access to their money right away. However, without a bank account to initiate direct deposit, paycards are one of the only ways to ensure this convenience. Helping employees avoid these additional costs through education, information and on-site ATM programs not only encourages financial independence – it puts more money in the employee’s pockets.

    One of the hottest new benefits being offered by employers, having an ATM on-site saves employees time and money, keeps staff at work and provides a convenient and safe environment for employees to do their banking.

    ATM options include:

    • Surcharge-Free for Everyone

    • Allpoint or MoneyPass Surcharge-Free Networks

    • Bank or Credit Union Branded

    • Generic ATM

    And best of all the ATM is hassle-free and, in most cases, less than what you pay for insurance for one employee each month.