A quarter of cash machines now charge to access money

A quarter of cash machines now charge to access money

Figures have been released by the consumer group, Which?

The amount people are collectively paying to access their own cash has surged, according to research from Which?

At the same time, banks have saved millions of pounds from cash machine cuts and bank branch closures in the past two years, the consumer group said.

Figures obtained by Which? show the amount paid by consumers to withdraw cash jumped by £29 million year on year from £75 million in 2018 to £104 million in 2019, as many free machines vanished or were converted to charge fees.

It said that, by contrast, changes to the cash dispenser network have collectively saved the banks £120 million since January 2018, according to figures from UK network Link.

Gareth Shaw, head of money at Which?, said: "Massive cuts to the UK's bank branch and cash machine networks have been highly lucrative for the big banks - but highly costly for millions of consumers.

"Entire communities have been cut off from cash or forced to pay hefty fees to access their own money.

"Banks must take greater responsibility for ensuring customers are supported to make the transition to digital if branches close, and that those who are reliant on cash are not left behind by changes to the banking landscape."

Which? said that more than 8,700 free ATMs have closed since changes to how the Link cash machine network is funded were made in January 2018.

Between 2018 and 2019 the percentage of fee-charging machines jumped by 37% from 11,120 to 15,277.

Published: by Radio NewsHub
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