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ATM Machine Toy Takes Financial Education Far Beyond ye Ole' PiggyBank

Miscellaneous: Jay Cochran - 2006.09.25
"I wish every kid in America could have an ATM," says Dan Henderson, president of Summit toys and the brains behind the toy ATM Machine, which deposits and dispenses real dollars.

"Children are learning about money -- but what are they learning about money? The ability to save is a fundamental concept. Children are outpacing their parents when it comes to the adaptation of technology and leaving traditional toys behind much sooner than in the past. That a kid can interact with his/her ATM to manage deposits and withdrawals can introduce banking concepts to children in a positive light," said Henderson.

Last Christmas, the Youniverse ATM sold out in a few days across America. More than 10,000 flew off the Toys R Us shelves in four days. When the machine made its debut on QVC and the Home Shopping Network, it sold out in three minutes. On eBay, the toy sold for more than $70. For 2006, the Youniverse ATM is available at Target, Toys R Us and other retailers.

Kids insert the provided ATM card into the toy ATM, key in their PIN, are greeted by name on the electronic display, peer into the pretend security camera and make a deposit into the bill feeder. The machine even automatically recognizes and counts coins. Marked for ages 8 and up, the real-looking silver and purple ATM tracks the account balance and uses an ATM card like a real teller machine.

"We have supplied more than 2.5 million toy ATMs to date. We can't make them fast enough," said Henderson. The Youniverse ATM won the 2005 Oppenheim Toy Portfolio Gold Seal Award.

Summit Products, Inc. was named to the 2003 Inc. 500 and is one of the fastest growing private companies in America and in the toy industry. Summit was founded in 1995 and has developed more than 120 unique toy products, specializing in financial education toys and backyard exploration gear.

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