'Companies operating free-to-use cash machines in remote areas are to receive extra payments that could help stem the tide of ATM closures.
Under the changes, operators will receive increased payments of up to £2.75 each time someone withdraws cash from an eligible machine.
The extra financial support, paid for by Britain’s banks, is being introduced by Link, the UK’s largest cash machine network, following warnings ATM “deserts” could be created across the UK as providers shut unprofitable machines in less well-off and rural areas.
In June 2018, the consumer group Which? revealed cash machines around the UK were closing at a rate of 300 a month, with rural communities worst affected.
About 1,000 ATMs will initially be eligible for the enhanced payments, with this number likely to increase, said Link.
Another benefit for consumers is that some cash machines that currently charge users to withdraw money are expected to be converted into free-to-use ones so operators can take the payments.
The move follows a row over a phased reduction in “interchange rates”, the fees card issuers, mainly banks, pay to ATM operators. In January 2018, Link announced a phased 20% cut in interchange rates over four years, from about 25p to 20p.
The cuts would have saved banks millions of pounds in charges, but after an outcry from campaigners and concerns from regulators, they were scaled back last summer.'
Read more: Cash machine firms to be paid more in effort to stop further closures
Did you like this article?
Thank you for your vote!
14 April 2019
'The only banks left in Hebden Bridge are grass ones down by the river': The communities in fear of being pushed towards a cashless society
13 April 2019
Thousands more ATMs will charge 95p to take out cash in a brutal blow to the elderly and those on low incomes
31 March 2019
The True Size Of The U.S. National Debt, Including Unfunded Liabilities, Is 222 Trillion Dollars
From our advertisers
2 hours ago
Gloating ISIS fanatics celebrate Sri Lanka attacks as revenge for New Zealand mosque massacre as they praise suicide bombers in online propaganda
From our advertisers