Convenience Cash Machines Cost £60m a Year
One in three cash machines now charge a transaction fee
21st September 2004
The Nationwide building society has warned that the rise in 'convenience' cash machines are risking the future of the free, national ATM network.
The number of convenience ATMs, which charge a fee per transaction and are often found in pubs, garages and shops, has risen dramatically in recent years. Around a third of cash machines now charge a fee and the cost to customers is estimated at £60m a year.
Nationwide executive director Stuart Bernau said:
"This is a serious issue for consumers particularly as machines that were free are being replaced with ones that charge, so it is very easy for people to be caught out and face an unexpected fee."
Based on the average transaction fee and amount withdrawn, the charge for using convenience ATMs works out at 7.5% per withdrawal.
Read More: BBC Report
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Products from Nationwide : Mortgages |
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