UK Money in physical form such as banknotes and coins. machine network Link held an emergency meeting on January 24 to discuss the future of the country’s 70,000-strong ATM base. Currently, 97% of cash withdrawals are free of charge, but everything could This is the action by which certain banknotes and/or coins are exchanged for the same amount in banknotes/coins of a different face value, or unit value. See Exchange. with the scheduled system-wide overhaul. About 30 members of Link council, which include banks and cash machine providers, have joined forces to avoid the introduction of charges for bank customers. There are fears that the network could falter if no agreement is reached.
Among the ideas mentioned, cash machine operator NoteMachine suggested offering bulk discounts to banks that use the network the most. At present, banks with the largest number of customers using ATMs are the ones paying the highest price. For its part, Link’s management proposed to reduce the fees paid by the network’s members, which amount to around £900 million per year. A freeze of the current charging system was also suggested.
The Link network confirmed that discussions are under way and that its main objective is to remain attractive to its members. The reorganisation could lead to the closure of a large number of ATMs.
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