MP pushes for no charges at cash machines
Hamilton West MP Ged Killen has raised concern over his constituents having to pay for cash machine withdrawals.
He highlighted that the House of Commons has more free-to-use ATMS than many high streets.
And he argued that cuts to the funding for free cash machines threatens to wipe out 40 per cent of the UK’S ATM network, while 300 ATMS have already closed in the months since the announcement of the reduction in funding.
LINK, the network body which sets the funding for the free-to-use ATM network, began the first of four annual cuts to the interchange rate fee last week, a small fee levied on banks every time a withdrawal is made at a free to use ATM.
In light of the fee cut by LINK, ATM providers have warned that their machines will either have to close or more will have to charge a fee to prevent them from closing.
Mr Killen,who introduced a Bill in Parliament last month to ban ATM charges and protect access to cash, said:“many streets in the UK will only have one ATM which charges a fee, while in Parliament there are two free-to-use ATMS in one corridor and a further four just a couple of minutes’ walk away.
“No one should have to pay to access their own cash. However, as these cuts begin to bite more and more of my constituents as well as others across the country may be forced to do so.
“So long as demand for cash exists, access should be protected. I am calling on the Payment Systems Regulator to conduct a full market review of the free-to-use ATM network to establish demand and want a ban on ATM charges so that banks, not consumers, meet the costs of providing free access to cash.”