Not all Reverse ATM™ vendors charge a fee. But, some vendors may charge a nominal one-time amount to cover the cost of the pre-paid debit card or even a dormancy fee if a customer hasn’t used their card after a set time. Whether a Reverse ATM™ vendor charges a fee and what that fee may be depends on the machine itself and its location.
What Types of Fees Do Reverse ATM™ Machines Charge?
Reverse ATM™ fees vary by machine/manufacturer. Some of the most common fees a Reverse ATM™ machine could require include:
- Card Issuance Fees: a one-time, often nominal amount to cover the cost of issuing a prepaid card when a customer deposits cash for the first time.
- Transaction Fees: Some machines may charge users for cash deposits or withdrawals made through their prepaid cards.
- Reloading Fees: Occasionally charged when customers top up their prepaid cards.
- Dormancy Fees: Sometimes charged if a customer doesn’t use their prepaid card for a certain period.
Are Fees for Reverse ATM™ Machines Different from Regular ATMs?
If a Reverse ATM™ machine charges one or multiple fees, typically, they’ll differ from a regular ATM in amount and scope.
A Reverse ATM™ machine could charge customers a low, one-time card issuance fee or a small fee to reload the prepaid debit card. Whereas, many traditional ATMs charge a set fee for balance inquiries, withdrawals, or international transaction fees.
Why Do Reverse ATM™ Fees Vary?
Reverse ATM™ fees will vary based on the provider, location, and the services it provides.
- Machine Operator or Provider: Different machine operators will require different fees and amounts depending on the services they offer, business partnerships, or revenue needs.
- Location: Reverse ATM™ machines in high-traffic areas may charge customers higher fees because of their convenience.
- Available Services: Fees will vary based on the services the machine offers, such as debit card top-ups or a one-off card issuance fee.
Are Fees Clearly Displayed on Reverse ATM™ Machines?
Most Reverse ATM™ machines are transparent and will display any fees on their digital displays or separate signage.
Of course, customers should always check for any relevant fees that apply to them before initiating a transaction to avoid unexpected fee-related surprises.