Property News · February 1, 2017

Banks’ duty to provide free ATMs and keep branches open | Letters


I note the current negotiations over the future of the ATM network (Fees row may lead to charge for Link cash machine withdrawals, 19 January). In 2005, I led a Treasury committee inquiry into cash machine charges which found hundreds of local areas where consumers were being hit with high charges. In Speke, a low-income area in Liverpool, consumers faced charges of £1.50 for making cash withdrawals. I established a working group including banks, consumer groups and ATM operators. The banks unanimously committed themselves to the long-term future of a large network of free cash machines and a “financial inclusion premium” was introduced for operators of free cash machines in 1,500 under-served low-income areas.The importance of the free-to-use ATM network has increased as banks have closed 1,000 branches in the past two years. It would be a disaster for the banks, as well as consumers, SMEs and low-income areas, if we returned to the position of the 1990s, when a confusing patchwork of agreements caused many consumers to pay excessive cash machine charges and penalised challenger banks. Continue reading…

Source : theguardian.com
Read more…Banks’ duty to provide free ATMs and keep branches open | Letters

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