Calls For Better Deal For ATM Users

Monday 28 March 2005 15:34 CET | News

A leading consumer group is urging cashpoint providers to start giving customers a better deal.The plea comes ahead of the publication this week of the Treasury Select Committees report into ATM charges.The National Consumer Council said it was time ATM providers stopped dragging their heels and started giving people a fair deal.

With fee-charging cash machines now accounting for 40% of the market, the NCC (Stockholm: NCCb.ST - news) believes this aspect of the sector is spiralling out of control. Hardest hit are rural communities where three in every four machines now charge customers to withdraw cash. Philip Cullum, NCCs Deputy Chief Executive, said: Our research shows people on limited incomes prefer to manage their money on a daily basis, and so make frequent, small withdrawals. At a fee-charging ATM, a single withdrawal costs, on average, £1.50. This means consumers withdrawing £50 per week in five £10 withdrawals would pay over £30 a month in ATM fees. This is catastrophic for low-income consumers trying to manage a tight budget.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce