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.

Related Posts

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.

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

Low-income pensioner? You could gain £3k top-up

Hundreds of thousands of retirees struggling with a low income are missing out on Pension Credit worth £3,300...

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.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week