Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Is paper really that expensive?
Old 02-24-2020, 11:04 AM   #1
Moderator
braumeister's Avatar
 
Join Date: Feb 2010
Location: Flyover country
Posts: 25,155
Is paper really that expensive?

Got an odd email from Chase this morning. Apparently they're spending too much on receipt paper in their ATMs. Seriously?

Screen Shot 2020-02-24 at 1.02.18 PM.png
__________________
I thought growing old would take longer.
braumeister is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-24-2020, 11:10 AM   #2
Thinks s/he gets paid by the post
 
Join Date: Jun 2016
Posts: 1,951
It's like Olive Garden only giving one olive on a plate (hello... its called OLIVE Garden)... most of the customers don't eat them so OG ends up throwing out a lot of olives.
Just look at the number of ATM receipts laying all around the ATM. I'm amazed so many people leave info like that... although it's also interesting to see the number of sub-$100 balances documented on those discarded receipts.
Spock is offline   Reply With Quote
Old 02-24-2020, 11:12 AM   #3
gone traveling
 
Join Date: Dec 2015
Location: Berkeley, Denver, CO, USA
Posts: 1,406
Quote:
Originally Posted by Spock View Post
although it's also interesting to see the number of sub-$100 balances documented on those discarded receipts.
So?
For me, ATM usage is free.
But, on the other hand, I only use an ATM about once every 3 years.
davebarnes is offline   Reply With Quote
Old 02-24-2020, 11:18 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 16,973
Some Chase executive must have gone to my old Chase bank (it closed) and saw all the wasted paper receipts lying around.

I think it's a good idea, certainly less messy.
It may really save them a lot more money than the paper, as I'm sure sometimes they have to send out a person to refill the paper, even when there is plenty of money in the ATM.
Also reduces the risk of theft, as one less reason or at least less frequency of opening the ATM to refill paper.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
Sunset is offline   Reply With Quote
Old 02-24-2020, 11:19 AM   #5
Thinks s/he gets paid by the post
 
Join Date: Jun 2016
Posts: 1,951
Quote:
Originally Posted by davebarnes View Post
So?
For me, ATM usage is free.
But, on the other hand, I only use an ATM about once every 3 years.
The average customer only has one checking account. If that account has less than $100 in it, somebody is having to make choices between groceries, gas, diapers, and rent.
Spock is offline   Reply With Quote
Old 02-24-2020, 11:48 AM   #6
Moderator
braumeister's Avatar
 
Join Date: Feb 2010
Location: Flyover country
Posts: 25,155
I use ATMs fairly often, monthly at least. Seems to me that many of them ask if I want a receipt instead of printing one automatically. That would be a better solution.
__________________
I thought growing old would take longer.
braumeister is offline   Reply With Quote
Old 02-24-2020, 11:53 AM   #7
Thinks s/he gets paid by the post
 
Join Date: Jun 2017
Location: Western NC
Posts: 4,600
Mine sends everything to email...and I love it.
ncbill is offline   Reply With Quote
Old 02-24-2020, 12:48 PM   #8
gone traveling
 
Join Date: Dec 2015
Location: Berkeley, Denver, CO, USA
Posts: 1,406
Quote:
Originally Posted by Spock View Post
The average customer only has one checking account. If that account has less than $100 in it, somebody is having to make choices between groceries, gas, diapers, and rent.
My checking account (I have only one) usually has <$300 USD in it. I don't rent and am don't need diapers (for my butt) yet. We only put 4200 miles/year on our car. [Insert your favorite deity here] invented Apple Pay for a reason.
davebarnes is offline   Reply With Quote
Old 02-24-2020, 04:38 PM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Koolau's Avatar
 
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 17,712
So I go to CVS and buy a pack of gum with my "Care Card." The register regurgitates 10 feet of (mostly worthless) coupons. I'm not exaggerating too much here - maybe just a little.

My guess: The paper in an ATM is virtually 'free' by comparison to what it costs Chase (or whomever) to INSURE that their machine NEVER runs out of paper. The bonded folks who service the machines probably cost $35 a call to stuff the machine with cash and change out the paper rolls (long before they need it - just in case.) YMMV
__________________
Ko'olau's Law -

Anything which can be used can be misused. Anything which can be misused will be.
Koolau is online now   Reply With Quote
Old 02-24-2020, 04:42 PM   #10
Moderator
braumeister's Avatar
 
Join Date: Feb 2010
Location: Flyover country
Posts: 25,155
Quote:
Originally Posted by Koolau View Post
So I go to CVS and buy a pack of gum with my "Care Card." The register regurgitates 10 feet of (mostly worthless) coupons. I'm not exaggerating too much here - maybe just a little.
Oh yeah! CVS receipts are notorious.
The long, long history of long, long CVS receipts
__________________
I thought growing old would take longer.
braumeister is offline   Reply With Quote
Old 02-24-2020, 04:48 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 16,973
Quote:
Originally Posted by Koolau View Post
So I go to CVS and buy a pack of gum with my "Care Card." The register regurgitates 10 feet of (mostly worthless) coupons. I'm not exaggerating too much here - maybe just a little.

My guess: The paper in an ATM is virtually 'free' by comparison to what it costs Chase (or whomever) to INSURE that their machine NEVER runs out of paper. The bonded folks who service the machines probably cost $35 a call to stuff the machine with cash and change out the paper rolls (long before they need it - just in case.) YMMV
More like $135 per call. (my guess).
They require probably 2 workers, as I asked once long ago at the bank and it was 2 workers, because if some cash went missing, did the customer really deposit it

For $35 it's hard to get a couple of pizza's delivered by some pimple kid that could never pass bonding.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
Sunset is offline   Reply With Quote
Old 02-24-2020, 04:51 PM   #12
Moderator
braumeister's Avatar
 
Join Date: Feb 2010
Location: Flyover country
Posts: 25,155
Quote:
Originally Posted by Sunset View Post
More like $135 per call. (my guess).
They require probably 2 workers, as I asked once long ago at the bank and it was 2 workers, because if some cash went missing, did the customer really deposit it
I've seen ATMs being refilled many times and there is usually only one person. Occasionally two, but mostly one.
__________________
I thought growing old would take longer.
braumeister is offline   Reply With Quote
Old 02-24-2020, 05:39 PM   #13
Thinks s/he gets paid by the post
 
Join Date: Mar 2011
Location: North TX
Posts: 1,788
Not to mention the machine cost & maintenance. Good cost cutting idea imo. We only use ours a couple of times each year, so wouldn't bother me.
Surewhitey is offline   Reply With Quote
Old 02-24-2020, 06:50 PM   #14
Recycles dryer sheets
GreenEggs's Avatar
 
Join Date: Jul 2019
Posts: 262
I always go into the bank to visit the nice ladies, and pick up my free ink pen & a piece of candy. I wonder how much they spend on pens & candy? (Probably more than they pay in interest these days!)
GreenEggs is offline   Reply With Quote
Old 02-24-2020, 07:15 PM   #15
Thinks s/he gets paid by the post
The Cosmic Avenger's Avatar
 
Join Date: May 2016
Location: Mid-Atlantic
Posts: 2,642
Agreed, the cost of the supplies is probably negligible, it's probably the labor cost. I know I hate getting paper other than $$$ from ATMs; that just means I have to carry it around until I can drop it in a shred bin. I withdraw rarely enough that I can reconcile the transactions from memory.
__________________
-Looking to FIRE in the mid-2020s, which would be our mid-50s.
The Cosmic Avenger is offline   Reply With Quote
Old 02-25-2020, 05:22 AM   #16
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: NC
Posts: 21,148
Quote:
Originally Posted by braumeister View Post
I use ATMs fairly often, monthly at least. Seems to me that many of them ask if I want a receipt instead of printing one automatically. That would be a better solution.
We use ours weekly. Our ATM offers email, print or both receipts. DW insists on a receipt, I think it’s a waste of paper. So I’d be privately pleased if our bank eliminated ATM paper receipts, makes sense to me for several reasons like environment, bank labor, etc.

I’m curious where all you infrequent ATM users get your pocket money?
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 02-25-2020, 05:44 AM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2016
Location: Colorado
Posts: 8,971
What’s pocket money?
COcheesehead is offline   Reply With Quote
Old 02-25-2020, 06:06 AM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 16,973
I take out about $150 every 6 months.
Sometimes prior to a trip I'll go to the bank to get a pile of $1 and $5 bills for tipping while on travels.
Other than that I use CC.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
Sunset is offline   Reply With Quote
Old 02-25-2020, 06:17 AM   #19
Moderator
Aerides's Avatar
 
Join Date: Nov 2015
Posts: 13,846
I rarely use the ATM, but I can say that while I usually get a receipt, I cannot remember any time ever looking at it again other than when I dig it out from my wallet/purse to throw it away.

Some benefits to doing away with them, besides the minor cost, maintenance, one-more-thing-that-occasionally-breaks-in-the-machines:

Shorter transaction times for the end user (greater safety, the less time I spend at the machine)
One less thing to code for, test for during changes
One more reason to push people to their stupid app
Aerides is offline   Reply With Quote
Old 02-25-2020, 06:43 AM   #20
Thinks s/he gets paid by the post
 
Join Date: Jan 2017
Posts: 2,628
Thread drift:

What about those banks (and other companies) who want to charge you for one paper statement per month, but every week they send one or two large, glossy advertisements in the mail?
CaptTom is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
On Paper or On Screen (Paper or Plastic) RonBoyd Other topics 0 07-15-2010 10:27 AM
Best toilet paper and paper towels summer2007 FIRE and Money 59 12-04-2008 07:02 PM
The Most Expensive Coffee (from animal droppings....really!) Calgary_Girl Other topics 10 02-22-2008 11:59 PM
Getting A Paper Paper? Danny Other topics 29 06-09-2006 05:03 PM
How Expensive is the S&P, Really Craig FIRE and Money 71 06-18-2005 09:21 PM

» Quick Links

 
All times are GMT -6. The time now is 02:23 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.