For those with bad credit, getting a checking account is often difficult or impossible. Banks check each individual’s credit score before approving a checking or savings account application. If you’ve had credit trouble in the past, this can mean getting turned down for a new account because you present too great a financial risk for the bank.
A personal ATM bank machine is a checking account alternative for individuals with bad credit and can help you monitor your spending until you can obtain a traditional bank account.
See: No Credit Check Banking
A Personal ATM Machine Protects Your Cash
Like a checking account, a personal ATM machine protects your cash. Not just from your roommates, siblings, repairmen or anyone else that may swipe your hard earned cash, but from you as well. Some of the many benefits of a personal ATM bank machine:
- It keeps your cash out of sight and well-hidden from thieves;
- Its small enough to take with you if need be;
- You can set it to limit your daily withdrawals; and
- Helps teach children the value of money.
How Personal ATM Bank Machines Work
The personal ATM works by calculating the amount of money you deposit (including coins) and reflecting an updated total on its screen. When you want to withdraw money, you use a card and PIN number just like with a standard ATM machine at a bank. You can deposit both cash and coins and, unlike a traditional piggy bank, ATM piggy banks aren’t easily accessible. Most do come equipped with a rubber bottom that can be peeled off. This prevents easy access to the funds by anyone other than the machine’s owner.
Use as a Checking Account or an Adult Piggy Bank
You can use the personal ATM machine in lieu of a checking account since it doesn’t provide you with ready access to your cash. It’s much more tempting to carry cash with you – and subsequently spend it – when it’s merely in an envelope or sitting around on your desk or dresser. The personal ATM bank machine keeps this cash well hidden and stored. You can make deposits and withdrawals as you need to and use the machine as a makeshift checking account until you can qualify for a traditional bank account.
Depending on the type of personal ATM machine you purchase, you may have the option to set a savings goal. When you set a savings goal, the machine will calculate how much you deposit and detract that amount from the overall goal. It will reflect both values on its screen. In this case, the personal ATM can serve as an adult piggy bank.
Additional Benefits of a Personal Home Savings Account
ATM machines work as makeshift bank accounts for adults with bad credit, but hold a particularly strong allure for children as well. Children like the sophistication of having access to their own personal ATM. Since the money isn’t easily accessible, these machines teach children the value of saving while also providing them with the fun of playing as an adult with a personal ATM bank machine all their own. These specialty piggy banks are available both in stores and online.