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No More Pay By Cash | ATM Closing

Free-to-use cash machines have been disappearing at a rapid rate across the UK, according to a study by Which?


Nearly 1,700 machines started charging for withdrawals in the first three months of the year, with the majority starting to charge in March, according to the consumer lobby group.

Cardtronics, which runs most of those, and fellow provider NoteMachine are both likely to charge at more machines.

That could mean the country losing 13% of its free ATMs in only a few months.

The changes come after a reduction in the fee operators receive from banks each time an ATM is used.

Link, which oversees ATMs, began to cut the fee, known as the interchange rate, last year. So far it has reduced the charge from 25p to 23p per withdrawal.

Pay by cash? Not for long, report warns

£2.50 To get my money, on top of the congestion charge!

The system allowing people to use cash in the UK is at risk of “falling apart” and needs a new guarantee to ensure notes and coins can still be used.

More…

 

What is the problem with a cashless society?

Banknotes and coins are a necessity for eight million people, according to the review’s interim findings published in December.

These include rural communities where alternative ways of paying are affected by poor broadband or mobile connectivity, and many people who have physical or mental health problems and therefore find it hard to use digital services.

The report also concludes that vulnerability in this area is generally the result of income, not old age.

“Poverty is the biggest indicator of cash dependency, not age,” the review concludes.

“There are worrying signs that our cash system is falling apart. ATM and bank branch closures are just the tip of the iceberg, underneath there is a huge infrastructure which is becoming increasingly unviable as cash use declines,” Ms Ceeney said. “If we sleepwalk into a cashless society, millions will be left behind.”

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‘Survival’ tougher without cash


Kev Jackson

Kev Jackson has been homeless and currently lives in temporary accommodation.

“Cash is easy because you know what you have got on you,” he said. “On a card – when you can’t see your balance – it is easy to overspend. [Cash] is very good for budgeting.”

“A lot of people [on the streets] do not have bank accounts, so they only carry cash. If you can’t spend cash in a shop, it is going to be difficult for them. They won’t be able to survive.”

He said that he preferred using a card himself, but was concerned that technology left many people behind.

 

 

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No More Pay By Cash | ATM Closing
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