ATM in Hwa Chong Boarding School
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Due to popular demand, I will bring back the ATM installment movement.
Location: preferably accessible to HCIBS and HCISBS
Reach: HCIBS residents, HCIS students, HCI staffs, students and guests
We have around 500 members in HCIBS, assuming 50% of them are going to withdraw money, there will be 250 people
Assuming on average each person withdraw $100 per month, the traffic would be around 25k a month
In addition, this is a very conservative estimate as International School students are not taken into consideration, and they will be actively withdrawing money as well
Estimated monthly traffic: 20k - 50k
Frequently asked questions:
How will it benefit the students?
Convenience, security, accessibility, time saving (most are self-explainatory)
How does it help the school?
Increase the attractiveness/ value of the school and the BS
Let us all consider this, a student faced with a dilemma between choosing RIBS or HCIBS, what would be one potential deciding factor? You've guessed it. It will then be in our school's best interest to have an ATM.
In addition, we've been getting lots of guests and visitors lately, having an ATM could potentially increase they spending power.
What makes you think that the ATM provider would agree to it?
Does ATMs make money from withdrawals? Not really, and this applies to all other ATMs around Singapore, but it will be in the banks' best interest to set it up. Why is this so? It might seem counter intuitive but having an ATM means people are more willing to keep their money in the bank. Why? let us consider two scenarios
No ATM: people tend to withdraw less frequestly but withdraw a larger amount. Therefore, money is taken out of the bank and stockpiled in students' drawers etc. From an economic and security standpoint, it does not benefit the bank and the students as the money is not circulated and the students risk having it stolen/ lost. And yes, we've had many cases of students losing large amounts.
With ATM: Students withdraw more frequently but less amount. Due to convenience, they tend to only withdraw what they need at one given time. Therefore more money is stored in the bank which benefits the banks, on the students side, risk of getting their cash lost or stolen is greatly reduced
Secondly, banks would want to replace human labour with machines, therefore setting up ATMs are strategic options for their future considerations
"Hey but there's already an ATM machine at Sixth Avenue!"
Yea, lets say it takes 15 minutes to get there and back, using our figures above, 250 students x 15 minutes makes 60+ hours gone every month which could've been more productive. That's 720 hours every year at the least. Consider this with all the benefits listed above. In addition, wouldn't it be better to have a toilet at your house then walking down the road to get to one?
Around $3k-$8k for installment, maintanence fees unclear
Note that this is just a one-time off payment
Potential for money making? Adding advertisements on the ATMs
NOTE that I do not represent the school, or any of the organizations stated above. This is explicitly my personal view and stance.
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