ATM fees can be a doozy, costing you up to $3.00 to collect money. Thanks to a new marketing project, that doesn’t necessarily have to be.
FreeATM, an advertising-driven surcharge-FREE ATM network, launched today its first phase of FreeATMs across New York City. FreeATM’s phase one will cover twenty-five locations in three boroughs including Brooklyn, Manhattan & Queens, with a focus on merging marketing with consumer commerce.
“New York thrives on two things: coffee & cash. Both are the lifeblood of this city. However, in communities where consumers don’t have access to their bank, consumers are left with only one option, paying a fee at independently owned and operated ATMs. For the first time, consumers now have a surcharge-free option at these independent ATMs. Any customer from any bank can use our FreeATMs and save $1.00 to $3.00 by simply watching an advertisement from a targeted brand. We hope that our customers in turn, spend locally within their communities, strengthening our great city”, notes Co-Founder & CEO, Clinton Townsend.
FreeATM has enrolled 55 locations with a strong demand from retail stores. Brooklyn locations include, Radio Bushwick, Brooklyn Swirl, Pennyhouse Cafe, Napoleon’s Southern Bakery and more.
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FreeATM is funded through investors like Ithaca-based, Cayuga Venture Fund (CVF), including: Mogility Capital, Kima Ventures, Cornell University’s BR Venture Fund, TJNS Capital and a select group of angel investors spanning private equity, asset management, and consulting.
FreeATM will test in the tri-state area before eventually expanding to Boston, Philadelphia and Washington D.C.
See interactive map below to see all participating locations.