News

''Tis the season '— for ATMs

Some children may turn in on Christmas Eve with dreams of account balances dancing in their heads, thanks to the toy ATMs being offered by at least three companies this holiday season.

December 4, 2001

While it's a safe bet they won't displace dolls, dump trucks and video games, some kids will find their own ATMs under the Christmas tree this year.

At least three companies – Mattel, Fisher-Price and Summit Financial Products -- are offering toy versions of ATMs for the holiday season.

Summit's ATM Savings Bank recently sold out on Amazon.com after earning rave reviews from customers. Mike Searls, Summit's founder and president, said keeping up with demand is his Parker, Colo.-based company's biggest problem.

"If you wanted one today, I couldn't get it for you," Searls said. "I could possibly get it for you in three days."

The bank, with a suggested retail price of $29.99, was introduced earlier this year and "has pretty much sold out everywhere," he added.

Kids can make deposits, withdrawals and balance inquiries, using an "ATM card" that comes with the machine. "You have to swipe the card to see the balance," Searls said. "That way, your little brother can't come around and see how much money you have."

Much like a real ATM, kids can also gain access to the funds inside by twirling a combination on a safe located on the bottom of the bank.

The toy is designed not only to be fun but also to give kids a sense of fiscal responsibility, Searls said. "We're trying to show kids that they have to make deposits before they can make withdrawals."

According to Summit literature, the toy is most appropriate for children ages 6-13. However, Searls said, "adults are buying it like crazy too."

Charlie Samons, vice president of sales and marketing for Access to Money, a Whippany, N.J.-based ISO, is one adult customer. He purchased several of the banks to give to some of his large corporate customers. Access to Money is also considering using them as giveaways at trade shows, Samons said.

Mattel's product, the Bank With Me Barbie ATM, joins the Shop With Me Cash Register, Learn With Me Laptop Computer and Talk With Me Smart Phone in what Mattel calls Barbie's Consumer Products line.

Like Searls, Mattel spokeswoman Ria Freydl stressed the toy's educational value. "It's never too early to save money. We want to teach girls the basics," she said.

The pink ATM, with a suggested retail price of $49.99, comes with an "ATM card," a stash of pretend cash and learning and quiz cards designed to teach arithmetic among other skills. Like Summit's product, it will accept real dollars and can be used as a bank.

The Bank With Me Barbie ATM is appropriate for youngsters ages 3-8, Freydl said, although the primary audience is girls at the older end of the scale.

That demographic especially enjoys role playing, she said. "They like to emulate what they see Mom and Dad doing."

The Sesame Street Money Machine manufactured by Fisher-Price is designed for even smaller fry. The preschool set can deposit or withdraw "money" by pressing a light-up dollar sign; a number pad calls out each numeral when it is pressed, so kids can count along with Big Bird, Cookie Monster or Elmo.

The Money Machine's suggested retail price is $19.99.

Ernest Burdette, chief executive officer of Long Beach, Miss.-based ATM manufacturer Triton, agreed that the three toys could be considered learning tools.

"In today's world and, I hope, the world of children tomorrow, the ATM is and will continue to be an important way to access our money. So in that sense, these toys have useful educational value," Burdette said.

And, Burdette joked, "As an ATM manufacturer, we have to look at these offerings and wonder if this is where price points are headed for machines!"