11 October 2023 , 18:23
499
0
Some 2,900 free-to-use cashpoints have vanished since the start of last year.
Most have been removed from shops, railway stations and other convenient locations, raising concerns for millions of people who still rely on cash. Data from cash machine network Link showed there were 38,049 free-to-use ATMs in August – down from 40,956 in January last year. Of the closures over the past 18 months, 26,262 were at “remote” sites – away from a bank or building society.
Graham Mott, from Link, said: “Access to cash is crucial. However, as demand for cash falls, it’s likely that the number of ATMs will also fall.” Meanwhile, banks and building societies have shut 5,658 branches since January 2015.
It comes after Operator Notemachine warned funding cuts could leave firms with “no option” but to charge customers with warnings made last year that up to 70 per cent of free-to-use cash machines could close or charge fees as rising costs hit operators.
Link, which runs the UK’s network of cash machines, wrote to the operators and said it will not be increasing the interchange fee – paid to operators by banks when their customers use a machine. This is 26.5p for most machines but 29.3p for those given protected status.
Bank of Dave self-made millionaire giving away money to 'keep kids working hard'
These fees have been reduced in recent years, despite rising operating costs, with the Bank of England repeatedly raising interest rates, and operators being forced to spend more because of inflation and energy costs.
Experts have warned the only machines likely to survive are those attached to banks and supermarkets, or already given “protected status”. Only 3,300 free-to-use machines are protected, 6.3% of Link’s network.