24 February, 2009

ATMs

What are people's thoughts on ATM's dispensing 50 dirham notes in the UAE?

(they only currently dispense 100, 500 and 1000 dirham notes; and even in the case of 100 dirhams, no, nobody has change.)
Posted by samuraisam at 5:32 pm

12 comments:

Unknown said...

I'd be in favour. Anything over 100 usually goes straight on plastic. I no longer use the HSBC ATMs because they dole out the useless 200 dirham notes. A combination of 50s and 100s would be ideal.

What I don't get is how so many shops never seem to have a large enough free float of coins !

24 February, 2009 18:50
Anonymous said...

Truthfully it wouldn't make a difference. We'd just plug the denomination of 50 into a 3rd cassette.

Most ATMs hold 4 racks for 4 cash cassettes. In my branch for example. The ATM only has 2 cassettes. The other 2 racks are empty.

Top rack are 500s, 2nd 100s. There would be no issue adding 200s or 50s. Its just not widely done.

That being said, some banks DO have 200s, and have for a while.

It's just never been an issue since it really isnt needed. Asking a client to withdraw in multiples of 100 is just easier for us as a branch when presenter errors happen.

An issue that might happen is the insurance limits for any given ATM. My ATM's limit is 1 million AED. So filling up the machine with a million in 500s, 100s, and 50s means that to make room for the 50s we'd need to decrease the 500s. Not the smartest thing as the most denomination distributed at most ATM (including mine) are the 500s.

So you would end up running out of 500s faster, and even 10 bundles of 50s is only 50K. Assume (as in my situation) that most clients withdraw 3000 each time, thats only 16 clients served.

It of course depends on where the ATM is. Most of my clients make no less than 40K and no more than 170K a month AFTER housing and so on. So I wont be adding 50s. If anything I would add a few bundles of 1000s.

In an area like, for example, Mussafah, I'd actually have 10s, 50s, and 100s. I think that's smart.

24 February, 2009 19:29
Anonymous said...

I find it a good idea...

however, as per I know... there is a limit of how much bill notes the bank can deposit into the machine and the bank prefer larger bill-notes than smaller notes or the ATMs will be depleted very often...

at the moment ATM's store between 1M to 2M dirhams... if they give away room for higher notes to favor the 50 dirhams notes then the ATM overall storage value may drop...

you may think 1-2M is too much.. however in UAE the re-feed the machines almost everyday in some major banks

24 February, 2009 19:33
hemlock said...

atms also dispense AED 200 notes.

it would make some sense given how salaries for blue collar workers and other low income professionals are being routed through banks.

24 February, 2009 20:33
Em said...

pushing my luck a little, but 10s and 20s would be amazing too.

24 February, 2009 23:03
Anonymous said...

Mars said...
pushing my luck a little, but 10s and 20s would be amazing too.

Wont happen. It already takes 2 people 15 to 30 minutes to count, re count, replenish, and sign off on an ATM dispensing 2 denominations.

2 more would be at least double the time. And thats IF no errors were made by the machine.

25 February, 2009 00:28
Anonymous said...

ABIT,
yawn... ah, yeah, you have clients, they are rich.. great.
couldn't you just give expert opinion without sounding so full of yourself for once?

25 February, 2009 08:57
Anonymous said...

Anon.. but .. but.. you are as insolent as yours truly! :D

25 February, 2009 17:55
Anonymous said...

Anonymous said...
ABIT,
yawn... ah, yeah, you have clients, they are rich.. great.
couldn't you just give expert opinion without sounding so full of yourself for once?

25 February, 2009 08:57

I, unlike most of the people on here, like to give a full picture. and Thats just what I did.

Painted the difference between a bank in my situation, and one in an "industrial" area.

If you have jealousy issues that I am somebody, serving somebodies, and you are a nobody, I suggest a therapist.

25 February, 2009 19:16
Anonymous said...

ABIT,

Hahahahah.. what the hell is somebody and nobody? I know you tried to show the contrast, but you do sound condescending and full of yourself. Read your posts again, objectively.

Someone else would have said the same thing and sounded insightful instead of conceited. Nothing personal man, just read your posts again.

25 February, 2009 21:12
Anonymous said...

Anonymous said...
ABIT,

Hahahahah.. what the hell is somebody and nobody? I know you tried to show the contrast, but you do sound condescending and full of yourself. Read your posts again, objectively.

Someone else would have said the same thing and sounded insightful instead of conceited. Nothing personal man, just read your posts again.

People see what they want to see when they read something. You want to see a condescending tone. Your mom probably didnt love you enough, or you have failed thus far in like. Im not sure.

Again, Im not a therapist.

God forbid someone actually give insight AND post the background story with it.

26 February, 2009 16:06
Anonymous said...

ABIT, how dare you. When giving advise about therapists and the like you must branch into the lives of your rich clients and how much they spend on therapy and so on.

Please do not deviate, the patronizing obnoxious banker that you are.

27 February, 2009 23:36

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