MPs told to make cash machine charges more obvious
Building societies have urged MPs to encourage greater upfront notification of charges on cash machines.
11:22 08 December 2004
Building societies have urged MPs to encourage greater upfront notification of charges on cash machines with warnings that are clear, specific and prominent.
In a submission to the Treasury select committee's inquiry into ATM charges, the Building Societies Association warned of a growing trend for cash machines that charge.
While no building society currently charges customers to withdraw cash from their machines, over the last five years the number of charging cash machines has increased by more than 18,000, while the number of free cash machines has grown by 8,000.
This means machines that charge now account for over 40 per cent of the 53,000 machines in the LINK network.
To counteract this trend the BSA is running a campaign to ensure that customers know when they are being charged by a cash machine before they begin a transaction.
Recent research by Nationwide Building Society shows that 97 per cent of people want more prominent warnings.
"We believe that it is in the best interest of the majority of people that as many cash machines as possible remain free," said Brian Morris, head of savings for the Building Societies Association.
"[However] the Building Societies Association believes that if people are going to be charged at cash machines they should be told upfront, with a warning that is clear, specific and prominent."