ATM Cards Provide More Convenience and Security than Cash
The benefits of having an ATM card and what your local bank can do to help seniors understand the technology by Anthony F. Caruso, Senior Vice President of Branch Administration

According to the American Bankers Association (ABA) there are currently some 400,000 Automatic Teller Machines (ATMs) throughout the United States, which handled more than $10.5 billion in transactions in 2005.

ATMs, housed at both bank branches and non-bank locations, such as supermarkets and shopping malls, have become increasingly popular due to the convenience of providing 24-hour access to cash and other bank services. However, a recent ABA survey of 1,000 consumers revealed a marked generational gap among those who regularly use and those who do not use ATMs. For example, nearly half of the survey respondents over age 55 preferred to do their banking at a branch office, while just 20 percent said they preferred ATMs. On the contrary, only 17 percent of bank customers under age 34 favored using branch offices. Instead, 33 percent of these younger customers chose ATMs, while 35 percent relied on online banking.

Obviously, coping with technological change is not always easy for our elderly population. The good news is that seniors who do use ATMs regularly, find that they provide a quick and convenient way of getting cash and doing their banking. Getting over the initial technological hurdle is the key. A great suggestion for seniors is to actually practice using an ATM when conducting their banking needs at a branch office. Many branches have ATMs onsite where the support staff can help with the learning process. I'm sure if you were to ask a staff member to take you through the paces of using an ATM, he or she would be happy to oblige. You'll be surprised at just how easy it is to check your savings and checking account balances and/or make a deposit or a withdrawal, all with the press of a few buttons. The process is safe and confidential, and in no time you'll become a cutting edge banking consumer!

ATMs provide numerous other consumer benefits to senior citizens, in addition to 24-hour access to accounts. There are an increasing number of ATM locations, from free-standing units to convenience stores and supermarket chains, that all maintain ATMs so customers can access money and do their banking all in one location. In addition, virtually all retail establishments accept ATM and debit card payments for merchandise, which means that shoppers don't have to carry cash when they shop.

There's also an added bonus for people who travel abroad. Wherever you need to access cash, whether in London, Paris or a cruise ship, your ATM debit card can be used in foreign ATMs as well. In England you'd receive British pounds, while in France and a dozen other European Union nations, you'd receive cash in the form of euros. The exchange rate is also much better when you use an ATM than it would be if you used high commission currency exchange centers to swap your dollars for the local currency. Just be sure to check with your banker for information on fees for using your card at ATM machines that are not owned or operated by your bank.

Some seniors are reluctant to use ATMs, especially drive-through ATMs and non-bank machines due to safety reasons. However, all ATMs are now equipped with security cameras, which deter many problems from even occurring in the first place. Furthermore, there are a number of steps that customers, both elderly and not, can take to help them feel more secure:

• Minimize the time you spend at an ATM by having your card ready when you approach.
• Look closely around the ATM for any suspicious person, and if you feel uncomfortable with what you see, do not use the machine and move on.
• Once you've completed your ATM transaction, don't hang around counting your money. Do that later.
• Protect your ATM card's Personal Identification Number, or PIN. This is a four number I.D. which gives you access to your accounts anywhere in the world.

And don't forget, having your own ATM card doesn't mean you can't drop into your local branch office to do business with your favorite teller. It's just one more way you can take advantage of the wide variety of services available to you at your community bank.