Recycling through ATMs

This is probably old news to most of the folks on SMF, but I just caught a blurb about a company called ecoATM that collects phones, mp3 players, and tablets through an ATM type machine. It uses visual recognition software as well as other info (serial #s, etc.) to determine what the value is and then pays the customer on the spot. The owner is talking about expanding into acceptance of other electronics.

Interesting.

I've seen these. What I've witnessed is more people walk away with their phone rather than taking what the machine offers in cash. My wife was shopping with my daughter and I sat and watched a machine or about 30 minutes. Three people walked up and three people walked away with their phones. I've not tried it yet.

These have been banned in Baltimore, MD because it allows stolen phones to be sold very easily with no way to trace it.

I wondered about stolen stuff. Also read that the average payout is $25, but could go to $300 for a current model iphone. Mudlucky, I did read that some of the "offers" are as little as $1.

I've never seen one of these but kinda reminds me of another similar thing. They use to have these stand alone aluminum can recycling stations. I think they were called golden corals or something. It would weigh your cans as it accepted them and paid you. Like most gimmicks it ripped you off. Someone is going to loose a lot of money investing in those things.