ATM Withdrawals Stagnant in February

LazyLion

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Withdrawals from ATMs across the country remained stagnant in February, increasing only 0.69 percent from January, Spark ATM Systems said on Monday.

This followed a 9.18 percent drop in January, with the average cash withdrawal in February being R443.56, sales director Russel Berman said in a statement. The company installs and maintains ATMs.

"While it is encouraging to note a positive increase following the drastic drop in January 2013, we were hoping for a bigger bounce back, especially if we assume that the economy is in the first stage of an up-cycle," he said.

This was an indication that consumers were still under financial pressure following spending over the festive season.

A notable month-on-month increase should be expected for March with the Easter holiday season approaching, where many consumers spent more on entertainment and travel during the school holidays.

Ronel Oberholzer, principal economist at IHS Global Insights, said while withdrawals were up 7.71 percent in comparison to February last year, this did not necessarily show consumers were better off this year.

Berman said consumers were cashing in on post-festive season specials.

"The growth in ATM activity noted at wholesale and retail sites is directly related to the boost in spending at these locations as consumers are drawn to post festive season offers," he said.


Source : Sapa /aw/fg/th/jje
Date : 11 Mar 2013 10:54
 

guest2013-1

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we're not under pressure after the spending in the holiday season, we're ****ing under pressure due to the petrol price and mismanagement of taxes by government. tool
 

ThinkCentre

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You cannot draw money if your statement shows 0,00 unless you use a bid of explosive means!
 

Drifter

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Thats the beauty of an overdraft, the more you draw, the bigger your balance gets. Just ignore the stupid little -
 
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The_Unbeliever

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The less money people have, the less they have to waste, and will be thinking twice before withdrawing money.

Seems they haven't factored in the high banking costs as well...

We may be seeing the end of the ATM. It is easier, safer and cheaper for me to withdraw money in PnP (or at any place where they will give you cashback). And, for banks, it is simply a logical choice - to do away with ATM's (and the associated hassle of theft, breakage etc).

I can remember the days of the first ATM's in Souff Effrika, those klunky old machines with many a whirring and clicking noise, a tiny screen and lots of buttons to indicate your choice...
 

SauRoNZA

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Maybe people just swipe more since they realised drawing money at an ATM costs them a fortune.
 

Drifter

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Still. it irritates the crap out of me if the person in front of me in the shop swipes his card for a coke and a packet of chips.
 

SoulTax

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Still. it irritates the crap out of me if the person in front of me in the shop swipes his card for a coke and a packet of chips.

Which is often quicker than the granny farting around in her coin purse. And seeing as how using a card does not require the person behind the till to count out any change, or the payee to have to double check that change. I say card payments are quicker.
 

SoulTax

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In the OP article: The country is in the First stage of an up cycle?

I thought we were out of the recession and on an up cycle since 2009? This is a long first stage.
 

The_Unbeliever

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In the OP article: The country is in the First stage of an up cycle?

I thought we were out of the recession and on an up cycle since 2009? This is a long first stage.

Hurp de gurp derp... we're going into a recession, what with all the silly fuel levies and toll fees the guavamint want to foist on us :mad:
 

Gaz{M}

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Which is often quicker than the granny farting around in her coin purse. And seeing as how using a card does not require the person behind the till to count out any change, or the payee to have to double check that change. I say card payments are quicker.

Once i was behind a car guard at the tills. The entire till counter was covered in piles and piles of 5c, 10c, 20c and 50c coins. It took the cashier about 6 minutes to count the hundreds of coins. I was not happy.
 

|3ash3r

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we're not under pressure after the spending in the holiday season, we're ****ing under pressure due to the petrol price and mismanagement of taxes by government. tool

Which is often quicker than the granny farting around in her coin purse. And seeing as how using a card does not require the person behind the till to count out any change, or the payee to have to double check that change. I say card payments are quicker.

Once i was behind a car guard at the tills. The entire till counter was covered in piles and piles of 5c, 10c, 20c and 50c coins. It took the cashier about 6 minutes to count the hundreds of coins. I was not happy.

No respect for people, that's the problem!
 

Pooky

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Still. it irritates the crap out of me if the person in front of me in the shop swipes his card for a coke and a packet of chips.

I do this. Card swipes are free, withdrawal of cash costs money.
 

OzzieCapie

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I don't know when last I used an ATM over here. We put almost everything on credit card and pay the balance every month before the interest kicks in i.e. 55 days interest free. Use eftpos cash etc to buy at the few places that don't take card eg markets.
 
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