I have signed Early Day Motion (EDM) 1431 which calls for legal protections to be put in place to ensure that everyone has access to ATMs to withdraw cash.
The free use of ATMs is funded through a levy on banks set by the network body LINK. On Sunday 1 July, the first of four rounds of cuts to the funding for free to use ATMs will be put into action.
Since this cut was announced five months ago 300 ATMs have closed per month with rural areas being more greatly impacted than urban centres.
There are no legal protections for access to free cash with only the business case for an ATM based on the fee set by LINK or the ATMs ability to charge per withdrawal determining whether it stays open or it closes. ATM providers have warned that the cut in funding goes too far too fast with the industry body ATIMA saying as many as 30,000 ATMs could be lost by 2030, that is 40% of the UK’s network. Read more “Calling for legal protections for access to ATMs”
Today,(Thursday 25 January 2018) I co-signed a letter to the Payment Systems Regulator, Hannah Nixon, with a number of other MPs to call for more to be done to protect free-to-cash ATMs. This is a cross-party letter designed to raise awareness of the loss of ATMs in our high streets and to warn about the threat of current ATMs transforming from free-to-cash to pay-to-cash.
This follows proposals put forward by the LINK Board, one of the largest ATM providers in the UK, that will see a 20 per cent reduction in the interchange fee, with the first five per cent reduction introduced this April. It has been warned that this will result in a significant reduction in the number of free-to-cash machines available in the UK and that once implemented, options to reverse the reduction are limited. These proposals are driven by a minority of organisations who want to reduce their own costs, to the detriment of constituents. Read more “Calling for action on ATMs”