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

Let them have free cash machines

Written by:

Non-charging cash machines are to be placed in poorer areas of the country, so that less wealthy holders of UK current accounts have equal access to free banking facilities.

The promise follows a report put together by the Treasury Select Committee (TSC) into the rapid rise of fee-charging ATMs. Just under half of the UK’s 58,000 cash machines charge an average £1.50 for withdrawals now.

The pledge to instal the cash machines in areas where the less wealthy have their UK current accounts was made after the TSC heard from witnesses that charging cash machines were “dispropotionately” hurting the poor. There was also evidence presented that banks and building societies have been closing branches in poorer areas.

John McFall MP, chairperson of the committee, said: “Boosting the number of free cash machines for the benefit of less well-off holders of UK current accounts is a huge step forward in our campaign for financial inclusion.

“It will use market forces that already shape the deployment of free cash machines to achieve and sustain an important public policy objective.”

Citizens Advice welccomed the proposals. “Not having free access to money in their UK current accounts hits poorer people hard, forcing them to travel miles to the nearest free machine or to pay to access their cash,” said Teresa Perchard, Citizens Advice director of policy.

Related Posts


Tag Box

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.

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...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

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 @YourMoneyUK: A robo-adviser or a traditional platform? What's the best home for your kid's ISA? @jofaithy -
  • RT @Defaqto: Over two-fifths of travel insurance policies offer no protection for airline failure, our research shows. Only around half (48…
  • Over two-fifths of travel insurance policies offer no protection for airline failure, our research shows. Only arou…

Read previous post:
Inflation at 10-year high

Bigger domestic energy bills and steeper rents meant that UK inflation in November was at its highest level for nearly a decade,...