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

Which? warns on communities hit by Link ATM changes

0
Written by:
19/01/2018
More than 200 communities in Britain with poor ATM access are likely to be hit by proposals by Link to reduce the network, according to consumer group Which?.

Link – the UK’s largest cash machine network – wants to lower the ‘interchange’ fee that card issuers in the network pay to each other and independent providers when their customers withdraw cash.

There are fears this will lead to reduced provision because a lower fee would make running free cashpoints less profitable. John Howells, the chief executive of Link, has promised there will be protections in place for customers on low incomes and that vulnerable areas of the UK would not be left without ATM access.

Which? is calling for the Payment Systems Regulator to conduct an urgent market review to evaluate the impact of funding changes on the cash machine network.

There are currently 70,000 machines across the UK and just one in five of these charges for withdrawals – most are kept free thanks to fees paid by banks. The ATM Industry Association has suggested that at least 10,000 free-to-use cashpoints could be at risk from the changes.

While Link disagrees with this forecast, a spokesperson from Cardtronics, the biggest ATM operator in the UK, told Which? that if the funding cuts go ahead, it will have ‘no choice’ but to pull out a significant number of free ATMs straight away. Link said it will incentivise operators to keep free machines by setting a higher interchange fee in deprived areas, or areas with poor access.

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.

The savings accounts paying the most interest

It’s time to get your finances in shape for summer, and moving your cash savings to a higher paying deal is ...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

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

Read previous post:
Fixed rate savings: monthly or annual interest?

If you’re looking to lock your savings in a fixed rate product, you may need to decide between monthly or...

Close