You are here: Home - Saving & Banking - News -

1,700 free ATMs converted to fee-charging between January and March

0
Written by:
01/05/2019
Free-to-use ATMs are disappearing at an ‘alarming rate’, with 1,700 cash machines converted to charge fees in the first three months of this year, according to Which?

Figures from Link – obtained by the consumer group – show 1,250 of these ATMs became fee-charging in March alone.

Most of the ATMs affected are operated by Cardtronics, the UK’s biggest cashpoint operator.

The firm has said is likely to convert a further thousand machines to charge fees in the coming months.

Notemachine, another major cashpoint provider, has also warned it is considering converting up to 4,000 machines in its 7,000-strong network to charge fees.

That would mean the UK would lose more than one in 10 of its free cashpoints in a matter of months.

Which? found that ATM charges ranged from 50p up to £1.99.

More than four fifths of people surveyed by the consumer groups said they would no longer use a cashpoint that had converted to fee-charging.

Digital payments

While digital payments are on the rise in the UK, there is still real appetite across the UK for access to cash, with 2.2 million people almost entirely reliant on cash in their daily lives.

Which? is warning that without regulatory action the UK risks drifting into a no-cash society that could shut people out of paying for local goods and services.

Anita Brakewell, 54 from Blackpool, told Which?: “Being disabled means I don’t have the option of walking to the next free cash machine, so these charges shut me out of cash that’s important to my daily life. My town has also suffered from bank branch closures, making it hard to access the cash and financial services I need.”

The findings follow the Access to Cash Review, published in March, which said the UK’s cash infrastructure was “on the verge of collapse”.

Gareth Shaw, head of money at Which?, said: “Communities are being stripped of free access to cash at an alarming rate that could hit the most vulnerable in our society the hardest, while denying millions of people free withdrawals.

“A regulator is desperately needed to get a grip of these rapid changes across the cash landscape and ensure all those still reliant on this important payment method aren’t suddenly shut out from accessing the cash they need in their daily lives.”

The consumer champion is calling on Government to appoint a regulator to protect consumers and businesses from these rapid changes.

 

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

  • RT @Defaqto: Will your home insurance leave you out in the cold? 🤔 Only a fifth of home contents insurance policies, and a quarter of home…
  • RT @Defaqto: Will your home insurance leave you out in the cold? 🤔 Only a fifth of home contents insurance policies, and a quarter of home…
  • Will your home insurance leave you out in the cold? 🤔 Only a fifth of home contents insurance policies, and a quar… https://t.co/36dfADXYr4

Read previous post:
interest rates
Mortgage approvals and lending fall

The total lending value and number of mortgages approved for purchases dropped in March, according to figures from the Bank...

Close