New Rules for Fee-charging Cash Machines
Stricter rules on 'convenience' cash machines come into force
30th June 2005
Cash machines (or ATMs) which charge a fee for withdrawing cash will be subject to stricter rules from tomorrow, aimed at making the charges more obvious to the customer.
While such ATMs must already inform the customer of any charges, most do this towards the end of the transaction. Under the new rules, the amount to be charged must be displayed on the screen at the start of the transaction, and also must be printed on the machine itself, prominently and at eye level.
The new rules follow concern amongst the banking industry that the recent steep rise in fee-based 'convenience' cash machines is leading to confusion, with customers unsure as to whether they'll be charged or not. The banks say that this is harming the overall image of the industry, and risking the future of the free ATM network. Nationwide building society said the new rules are a 'step in the right direction'.
Link, the organisation that manages the country's 55,000 cash machines, says that it will monitor its members to ensure any charging machines comply to the new rules. It has the power to disconnect offending company's machines from the network.
Read More: Money Guardian
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