Thursday, March 06, 2008

Stamped

Ever wonder why ATM's sell stamps?

I did so I went to find out why.

Here is the information I discovered from a bank insider.

1.) They collect a small margin on the stamps which I am told barley covers the cost of ink to print them. (I guess they are manufactured right inside the machine and when it says stamps are not available it is because of ink)But they do make something on it.

2.) Another reason. Data collection. They are segmenting and collecting information on who does not use Bill Pay at the Bank so that they can target that client segment to upgrade their accounts. Some banks like Wells Fargo for example charge $6.95 a month for bill pay for those customers who do not keep a certain balance. This is the segment of the population that they want to solicit and add greater fee revenue.


Although I figure couldn't they just query their own database? Look for accounts under $1000 or what ever the minimum is and that do not have Bill Pay?

I understand the logic it just doesn't seem to be a good answer to me. Not a lot of profit and an easier way to get the information exists. I also find it a little creepy that they may be collecting information like this, I understand it might make my life easier but it still creeps me out.

Does anyone have a better answer why they sell stamps in ATM's, I am just not satisfied.

By the way please do not say "ATM Machine" it is just an ATM no need to added the redundant machine on the end. You wouldn't say do you have an "automatic teller machine , machine?" Which is exactly what you are doing when you say "ATM Machine"

11 comments:

Rocketstar said...

No clue, I have never bought stamps at an ATM but I do use bill pay.

Kyra Sutra said...

I've never bought stamps at an ATM either.... taht's funny, though. Now, if it sold nachos or something... that's a different story!

Muffy Willowbrook said...

I don't know why they do it, but I have bought stamps and it saves alot of time. I don't use bill pay at all - I don't like the idea of all of those vendors having access to my accounts.

Fig said...

They're reading our brain waves.. be sure to wear your tinfoil hat next time you use the ATM.

I'm not kidding.

StoopidNoodle said...

I think there is a larger trend they are trying to create: making the ATM MACHINE (thank-you thank-you, I'll be here all week) a more normal part of our lives. Like Point of Sale products, it is rare that a single purchase is made when a bundle can be purchased instead. The bank then makes their usual fees off of this bundled purchase.

The other day I was bumping along with Prince and he says to me, "Yo Snoodle, I need some stamps for the mofo water bill." "Dat's cool Cat, there's a PO right ahead off of Hennepin." Jenna Jameson was in the back seat, and she chimed in, "Hey, let's go to the ATM Machine [Brian, no sucky sucky for you if you correct her] that sells both cash and stamps so we can then run over to Da Vu." And there's the answer to your question. Welcome. SN

oestrebunny said...

It's a 'cash machine'....god you yanks....

They don't sell stamps at our cash machines, nor can you pay bills. They do however let you top up your phone which is always handy.

Mags said...

Now I'll be honest-if my ATM's had stamps, I'd be freakin excited! I never get stamps b/c it's so hard to get to the post office here and I still pay some bills by sending them in. That would just rock my world if I could get stamps at an ATM.

theresa said...

The other day, one of the ladies I work with bought stamps at an ATM. We figured it out and she paid a 9 cent premium for each stamp...a 22% price increase. You can go to usps.com and order as many stamps as you want...the shipping is $1. The nice part, they get delivered to you. Just a helpful tip :)

And isn't it funny how price discriminations (in this case the bill pay thing) always work against those with less money?

I better stop before I really start rambling...

Bill From Gainesville said...

Brian, they sell stamps in the machine as an added convenience for their customers.. its really that simple... That, and they want to Control the entire world with their cheap little polyester shorts and short sleeved striped ass shirts...

90hazelnut said...

Too bad they don't have vending machines for daily goods and services on our city street corners. I could imagine what the desired goods would be in Santa Cruz California. Perhaps the 22 ounce cheap beers as the opiate of the masses. Or else a fresh towel and a burrito and water.

You ought to see some of the awesome, pristine, hygienic self-cleaning toilets on the streets of some of the world's biggest and most efficient cities.

After you see them, for a chuckle - or iTunes sheckel - you could check out the C.S.I./N.Y. episode on death in a self-cleaning city toilet.

dawnmarie said...

When I worked for Wells Fargo, we'd tell people NOT to buy stamps from the ATM because of the price difference. Out CSR's went to the post office and bought stamps with petty cash to sell at stamp price. We didn't like Wells Fargo. We'd been a Marquette and got bought...

And the do troll your accounts. Not people, but systems. and bill pay is the biggest rip off. A decent bank doesn't charge. Mine doesn't.