UK consumers against ATM fees
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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 cashMoney in physical form such as banknotes and coins. More 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.
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