More cash machines to charge account holders
The growing trend of fee-charging cash machines is set to continue with the announcement by ATM operator Cardpoint that it is to convert 400 of its AT
17:05 23 November 2004
The growing trend of fee-charging cash machines is set to continue with the announcement by ATM operator Cardpoint that it is to convert 400 of its ATMs into fee-charging machines.
The ATMs represent around half of the 816 purchased by Cardpoint from HBOS earlier this year.
So far 100 of the former HBOS machines have been converted into fee-charging machines, costing 1.50 or 1.75 per withdrawal, with a further 250 earmarked for conversion by March.
Speaking last week Stuart Bernau, the executive director at Nationwide, expressed concern over the growth of fee-charging cash machines.
"The growth of charging machines and the lack of transparency about charges are serious issues for consumers," he stated.
"Our research shows that fee-charging machines are not labelled clearly enough to prevent consumers from being unwittingly charged for withdrawing their own money."
There are around 55,000 cash machines across the country, with around 22,000 charging a fee for withdrawals.
However, while 40 per cent of ATMs now charge, they currently account for only three per cent of transactions.