Tag: Millennials use cash

  • Why A Surcharge-Free ATM On-Site is a Hot New HR Benefit

    Studies show the average employee uses an ATM four to five times each month, typically withdrawing around $60 in cash at each transaction.

    However, the vast majority of ATMs in the U.S. are not operated by financial institutions. These “foreign” machines usually result in a fee for use – from both the ATM operator and the ATM user’s bank or credit union. Together these fees average around $6.00 per transaction. This is a considerable investment of funds to get cash.

    Paycards are a new and growing trend among employers with 25-35% of U.S. employers switching to the paycard model for employees that are unbanked or do not provide financial institution information for direct deposit. Due to the higher fee rates, these employees end up spending more than the average person when withdrawing cash ‒ and taking home less of the money they have earned.

    There is a better way. Companies can help their employees better utilize their funds and save a great deal more of their earnings by offering them a surcharge-free ATM solution ‒ conveniently located within their workplace.

    Safety and Convenience

    The workplace is one of the safest places for employees to use an ATM. Having a surcharge-free ATM on-site saves employees the risks of traffic, theft and time constraints while providing additional security through its indoor, on premise location. On-site ATMs are also a convenience, whether money is needed at that moment on the job or for use in after hour’s activities.

    Keeping More of Their Money

    On site ATMs also provide the added benefit of helping workers keep more of their hard-earned pay check, as well – when they are partnered with a financial institution and/or surcharge-free network like Allpoint or Money Pass. Allpoint, for instance, has over 1400 financial institutions in its network including national and regional banks, and credit unions as well as the leading pay card providers.

    Cash Is King ‒ Especially with Millennials!

    MasterCard’s report, “Measuring Progress Towards a Cashless Society” revealed that cash remains the most commonly used method of payment across all ages. This is particularly true for Millennials (those born from 1981 -2000), who currently comprise 33% of the workforce.

    Statistics show Millennials are not only technically savvy, they put a great emphasis on convenience. And, as they saw their parents greatly affected by the housing market crash and recession, they have a deep distrust of financial institution. They are the generation pioneering payment alternatives such as PayPal and Venmo – and are more likely to utilize cash than other forms of transaction.

    A Hot New HR Benefit – ATM at Work

    Representing one-third of today’s workforce, it is more important than ever to stay a step ahead of these technically savvy employees – and other companies who may be looking to lure them away. An ATM at work is just one way to provide convenience and incentive, while helping employees keep their hands on more of their income.

    Now offering an Allpoint surcharge-free ATM option, transactions are free for employees who use some of the most popular paycards and bank at the more than 1,400 financial institutions that are part of the network.

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

  • Millennials Are Changing the Workplace & Demanding More Amenities … including ATMs at Work

    Millennials have begun to take over the workplace. Pew Research indicates that workers between ages 18 and 31 constitute approximately 33% of today’s workforce. As older generations reach retirement age, those numbers are expected to rise to 75% by 2030. Along with other distinctive changes wrought by America’s largest living generation, Millennials are changing workplace culture by expecting more amenities in the workplace … including being able to do their banking at online and having access to ATMs at work.  

    Millennials are work martyrs who routinely work longer hours and use less vacation than co-workers belonging to older generations, according The Harvard Business Review. A recent study by researchers at Melissa Data found that relocating for a job is more common among Millennials than any other generation, and more than 50% have moved within the last two years. In an uncertain economy, workers are flocking to urban areas in search of better jobs and better wages.

    Millennial’s banking habits

    Interestingly, the TD Bank Checking Experience Index reported that only 24% of Millennials change primary bank accounts when they move. That may be because banking is not one of the amenities Millennials seek out close to their homes, preferring instead to conduct business online. Consequently, online banking has become popular as a financial management tool with this generation. At least 81% of Americans have done their banking online at one time or another, and alternative methods, such as PayPal and Google Wallet, are increasingly becoming more popular.

    Millennials use cash more than any other demographic

    However alternative payment methods such as PayPal aren’t the only payment choices Millennials use. According to the Federal Bank of San Francisco’s 2015 Diary of Consumer Payment Choice, Americans between the ages 18 and 24 used cash more than any other demographic. In 2014, Millennials used cash 38% of the time and 32% showed a preference to cash over debit or credit cards, checks, and online payments.

    All consumers value banking solutions that are convenient to their lifestyles, and ATMs offer quick cash and a range of options that are easy for busy Millennials. Like all technology in the last two decades, ATMs have advanced by leaps and bounds, and Millennials grew up using ATMs. Going into a financial institution is not always an option; ATMs provide services that can be accessed 24/7, making them the preferred way to easily obtain cash.

    Considering the urban geographical preference for Millennials and their banking habits, it is clear that having an ATM available at work would benefit the average Millennial and the companies that want to keep them as employees.

    ATMatWork provides surcharge-free ATM solutions for employees. One of the hottest new HR 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.

    Now offering an Allpoint surcharge-free ATM option, transactions are free for employees who use some of the most popular pay cards and bank at the more than 1400 financial institutions that are part of the network.

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