Home Business NewsBusiness Up to 30,000 free ATMs may be axed

Up to 30,000 free ATMs may be axed

31st Jan 18 2:02 pm

Find oyut why

Up to 30,000 ATMs could be closed because of a cut in the fee operators receive from banks each time a cash machine is used, industry has warned.

The cut in the fee, known as the interchange rate, will take effect from 1 July. The situation will be reviewed each year to assess the impact on consumers.

According to the BBC, the move is an attempt by LINK to encourage operators to place machines in more remote areas.

According to the ATM Industry Association (ATMIA), changes to the interchange fees being imposed by the LINK network will cut access to cash at a time when banks are shutting more branches.

John Howells, LINK’s chief executive, said: “LINK is committed to protecting free access to cash. The UK has a near record number of ATMs, yet the recent growth has led to the majority of these being placed in busy areas where there simply is no need for a new ATM.”

Howell further said that the country was on course for a rebalancing of the network to “protect and install new ATMs in locations that really need them.”

Leave a Comment


Sign up to our daily news alerts

[ms-form id=1]