TORONTO - Canadian consumers are addicted to the convenience of ATMs, according to a study conducted by Advanis Inc.
The study, based on an online survey of 403 Canadians who responded between Feb. 5 and Feb. 6, found that two-thirds of the respondents use an ATM not owned by their main bank at least once a month. More than one-in-four use a competitive or out-of-network ATM three or more times a month. And early half of those who said they "go out of their way" to avoid paying fees still use competitive ATMs on a regular basis. While most customers are not satisfied with competitive ATM fees, they also are not interested in trading fees for convenience. When asked how they would feel if the elimination of competitive ATM fees led to fewer ATMs, nearly 50 percent said they would be "very disappointed," while another 37 percent said they would merely be "unhappy."
The study also found that few customers are interested in obtaining more services via competitive ATMs, or in seeing non-bank-owned ATMs play a more significant role in the marketplace. "It's a pretty clear economic choice: Canadians' willingness to pay for convenient access to their money more than offsets the fees they pay. Until Canadians change their behavior, thereby forcing the banks to become more competitive on ATM fees, the status quo will prevail," said Tom Peters, an Advanis partner. ATM fees have made headlines in Canada since federal politicians have questioned their fairness in light of bank profits.
