NEW YORK—A new report is suggesting that as the use of cash continues to decline, “reverse ATMs” may be installed in locations across the country.
Reverse ATMs, also known as cash-to-card kiosks, are being installed in amusement parks, fast-food restaurants and many professional sports venues and will soon be installed in airports and on college campuses, NewsNation reported.
In New York City, Madison Square Garden is one of many venues that’s installed machines inside its arena that can convert cash into a debit card.
How it Works
According to the report, here’s how it works: Consumers load money into a kiosk, and within seconds a receipt prints confirming the conversion and a prepaid active card is issued. Many of the prepaid cards are Mastercard or Visa and consumers can use them anywhere the cards are accepted.
Many machines don’t charge fees, but some kiosks may charge a $5 fee for the card, NewsNation said.
The report noted that some cards carry a “dormancy fee,” for example, a $3.95 charge if the card isn’t used for more than three months. It also may be hard to use the card balances if a small amount is left.
Feeling the FOMO Fever? CUToday.info Has a Prescription
Are you missing out on the latest news in credit unions? Missing the trends and developments you need to be aware of? We can help. Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more.
And it’s free!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com