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UK consumers against ATM fees

Categories : Cash is easy to use, Cash is efficient
May 9, 2018
Published in : ATM, ATMs, Financial inclusion, UK
UK consumer rights group Which? is calling for an urgent review of LINK's plan to lower ATM fees to banks arguing that it will only further exclude residents of rural and remote areas.
Communication Team

The consumer rights group Which? is criticizing the UK’s largest ATM network, LINK, for its plan to reduce fees paid by banks to UK cash machine operators. Indeed, the rights group fears that such a move will only push current operators to close cash machines that are not profitable enough, financially excluding residents in remote and rural areas.

Which? is calling for an “urgent review” of the plan, as stated by the BBC, arguing that this will only make some people’s access to cash even harder.

A recent Which? survey found that of the 8% of people that used a fee-charging ATMs did so only because they had no other accessible option (31%). These numbers are even more significant in rural areas where 16% of respondents said such closures will eventually “affect their ability to pay for products and services”.

LINK said it is committed to subsidizing areas that have little access to cash, raising it from 10p to 30p.

To read the original article, please click here.

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