Are your ATM fees driving away cardholders?

Continuing growth in the use of smartphones, debit cards, and credit has turned “cashless” into a buzzword in Western culture.

Enthusiasm for a currency-free future is further spurred by hype surrounding virtual currencies; by Sweden’s attempts to eliminate the kronor; and by a recent uptick among restaurants in the United States switching to a cash-free model.

Following this lead, some banks and credit unions are also eyeing the gradual elimination of cash.

While not as drastic as Swedish banks (which, in most cases, refuse to deal in currency at all), U.S. financial institutions are increasingly pushing their debit and credit card options while drawing emphasis away from cash-intensive channels such as the ATM.

This deemphasis has become a snowballing trend among financial institutions and has led to increased out-of-network and, in some cases, in-network ATM fees for accountholders who find themselves with fewer fee-free ATM options.

Cash may well be on its way out, but that journey looks to be slow, tedious and accomplished in fits and starts. Consumers can see the writing on the wall and are buying smartphones, checking out mobile wallets, and experimenting with alternative payment vehicles and avenues.

At the same time, they’re learning about the need to be attentive to security, and to insist that it must go hand in hand with convenience.

And, perhaps above all, they continue to insist on options, availability, and free access to their money. And they aren’t afraid to find a bank or credit union that will meet their demands.

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