Saturday, July 16, 2005

Kmart's new ATM business

In a city where nothing is free and ATM withdrawl charges can run as high as 10%, achieving a high degree of cash liquidity is quite the dubious task. Which is why I am especially proud to say that I haven't paid a single doallr in ATM fees for the duration of my stay in NY. How have I managed this you ask?

By turning Kmart into my personal ATM. One of the greatest aspects of a debit card is the ability to get cash back free of charge at mechants who agree to such policy. Since most retailers in NY are relatively small, they usually prohibit this feature as a protective measure for their cash droors. However, if one searches hard enough, it is easy to find a bloated cash cow more than eager to fork out greenbacks straight from your debit card.

Moooo. Kmart is that bloated cash cow. Four times now have I gone into Kmart and purchased a <$1.00 item (pack of gum, tic tacs, etc) and withdrawn the maximum allowance of cash. Not only does Kmart play a low end second fiddle as a dicount retailer, they are by far the least profitable ATM operating company in the world.

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