Proposed ATM ads spark debate
Consumer groups have attacked yesterday's announcement that advertisements will soon be featured on ATMs fearing the transaction process will take longer for consumers as a result. Banks are planning to introduce advertisements on ATM screens promoting a variety of products to be shown while customers make transactions. ATM users could face watching up to six short ads per transaction, prompting Financial and Consumer Rights spokeswoman Barbara Romeril to criticise the move, saying banks should inform customers how much their transaction will cost instead of advertising products.
Indeed, if banks are to generate revenue from future advertisers, and we as consumers are forced to watch these ads, then perhaps some of these gains should be passed on to consumers in the form of lower transaction fees. On this issue, Ms Romeril is doubtful that ATM advertising will lead to lower bank fees. And where will ATM advertising lead? Could it mean ATM users being pushed to purchase advertised items on the spot with their cards?