The Wall Street Journal today features a great story about Washington Mutual, which has expanded nationally through innovative (and so far successful) marketing tactics. Part of its pitch these days is surcharge-free ATM use for customers of other banks.

Let's see if this lasts this time around. Republic National Bank used to have surcharge-free ATMs before it was acquired by HSBC. Then HSBC re-activated the charge to raise money for ad campaigns showing how the word "robot" does not mean the same thing in Japan as it does in South Africa.

Is any bank smart enough to tighten the link between free ATM usage and actual customer acquisition? Right now it seems the marketing strategy hinges on hope, that in the course of using an ATM you will come across compelling literature. Why not sweeten the hook? Program the ATM to pitch specific promotions before the machine dispenses cash. And ATMs print receipts. Let prospective customers bring ATM receipts as "coupons" to secure promotional bonuses for checking accounts or favorable lending rates. Instead, most banks today would rather penalize prospective customers for stepping onto their real estate, which seems odd for a consumer business strategy.