Our society has come to the point that cash is no longer king and there are disappearing ATM’s. We live in a fast paced world. Everyone wants everything now and things can be paid for in an instant. Many of us probably can’t remember the last time we actually held cash in our hands. However, having cash on hand can sometimes be very convenient. Like when you don’t want to use your debit card for a single soda or coffee or when the kids need cash for the field trip they are going on tomorrow. No need to worry, just swing by the ATM and withdraw some money. But what if the ATM you are so used to going to didn’t work anymore? This may be becoming more of a reality than we think. Why, you ask?
As we all know, cash is no longer king in our society as it once was. Paying with plastic or with an electronic device such as an iphone is the new normal. This could become a huge problem. With the release of the new chipped debit and credit cards, the everyday ATM in the grocery parking lot may not have the updated technology to process your transaction. You may have to go directly to your bank in order to get your cash. Because there are disappearing ATM’s across the country, this may be your next best option.
By October, ATM owners must upgrade their machines to take chipped cards or face liability for certain types of fraud. The biggest issue is that the upgrade and ongoing maintenance to these machines is so expensive, it will cause some owners to shut some of them down.
There is a chance up to 10% of retail ATM’s (those not owned by a bank) being thrown out while others simply cannot be upgraded, causing yet another abundance of waste in our land fills. This can have a huge impact for the population that lives in more rural areas and only has access to one or two machines in their area. This is a very eye opening example of how disappearing ATM’s will be a reality. Cash is no longer king.
Vanishing Out Of Sight.
If ATM owners do not have their machines upgraded by October 1st they will be liable for any counterfeit fraud that is conducted on the machines. So far, only 20% of ATM’s have been replaced/upgraded to accept the chip cards.
Thieves have already figured out how to steal from ATM’s despite the new technology. Some owners are having trouble acquiring the hardware to upgrade in time.
It’s becoming more and more clear that cash is no longer king and ATM’s are disappearing in our plastic driven society.
Despite the convenience of the ATM, debit and credit cards, it may be time to return to the ways of our grandparents. Cash was king. This way, we may get a few dollars stolen but not the rest of our lives. In the meantime, it is disturbing to think that there are disappearing ATM’s across this country. Cash is no longer king and ATM’s are disappearing.
What are your thoughts on vanishing ATM’s?
Photo courtesy of peltierclem via Pixabay.com
Photo courtesy of geralt via Pixabay.com