UK could lose 30,000 free cash machines in five years amid fees shake-up
Does anyone believe the guarantee of rural protection set out in this depressing story??? We had an interesting contact from a company called note machine in advance of this news breaking profiling their new rural friendly cash machine. I can send it to you if you email me for more information. The story tells us:
Up to 30,000 free-to-use cash machines – 45% of the UK total – are on course to disappear over the next five years amid cuts in fees received by operators, it is being claimed.
According to the ATM Industry Association (ATMIA), changes to the so-called interchange fees – charges paid to operators by banks per withdrawal – being imposed by the LINK network will cut access to cash at a time when banks are shutting more branches.
LINK has previously argued that the cost of running its network is unsustainable at a time when more people are banking online and using contactless card payments.
It announced on Tuesday that it was bringing forward a series of measures that it said would safeguard access to free cash.
It said a new fee structure would “shift incentives from deploying ATMs in city centres to rural and less-affluent communities” to secure free-to-use machines for the whole of the country.
According to LINK, the changes would mean free ATMs that are more than 1,000m from the next free machine are exempt from cuts to fees – and those in rural communities would get an enhanced subsidy to incentivise continued provision.
The majority of machines – mostly in major towns and cities – would see a phased reduction in the interchange fee.