All Atms Should Now Tell You If They Charge:

Are machines that are not owned by banks / building socieities (i.e. the ones that have a habit of charging) covered by this, in other words are they part of the Link network?

Joe_Bloggs wrote:

When I saw a Link logo then I used to think I could get a free cash withdrawal. They do say in their locator index which machines will make a charge.The 14 point type is difficult to read at a distance but the link logo is easy to read and a familiar trademark. Far better for Link to boot out those who would make a charge rather than have a brand name diluted by money grabbing operators.
J_B.

Bank based machines are 99% certain to be free to use. Its the ones situated in Pubs, Clubs, Arcades and Shops which tend to charge a rediculous amount of about £1.50 - £2.50 per withdrawl. I think some charge a different fee as well depending on what you take out.

Some people are so stupid though its unbelievable. In my town there is a pub with a charging cash machine and directly next door is a Royal Bank of Scotland with a free cash machine in the wall. Yet they are still silly enough to use the machine that charges rather than to just walk outside and use the free one!.

MarkyMarkD wrote:

There's NO reason at all why banking should be free, any more than Sainsbury's should supply free food.

I have to disagree with this. The whole point of the banking system is that the banks use your money to invest with and make profits (often huge profits). This is the main reason it takes four to five working days to clear a cheque or transfer money. It's purely so that both of the banks involved can invest your money during the transfer process and make a profit. From a technology standpoint there is absolutely no reason why money transfers cannot take place in hours, or at worst overnight. {End Rant}

Back on topic, my real concern with the proliferation of cash machines that charge is that the free ones provided by the banks will gradually be withdrawn and eventually we'll have no choice but to pay a fee to withdraw our own money.

MarkyMarkD wrote:

The amount of money banks make from the float period is trivial compared to banking profits, and the amounts of money available for lending from this float is trivial compared to total bank lending.

The idea that the total costs of "free" banking are met by the float interest is laughable, to be honest.

Just a thought - if the amounts are so “laughable” then why are the banks so reluctant to move to instant electronic banking? If you use internet banking or withdraw cash from an ATM the money is more often than not taken from your account immediately. However, if making a payment the recipient can wait upto 4 days (and with some of the “new” banks often longer) before it appears in their account. The techno;ogy for instant transaction has been made avaialable for years. Consumer groups, and others, have pilloried the banks about not introducing it. But they are very reluctant. Why? Because the amounts involved are substantial and NOT laughable. In terms of the banks overall profits they may appear small, but the reality is they are making big bucks using our money and it far and away exceeds the cost of providing their sevice to us.

Do you honestly believe that we would have continued to enjoy “semi non charging” (as opposed to free) personal banking all these years if it was costing the banks money? Indeed, any personal customer who puts a foot out of line and may (note, not “does”) incur the banks in a cost is already well and truely penalised through exhorbitant unjustifiable fees, charges and interest. And, as we saw reported only last week, these penalties that they imposed upon us have now been successfully challenged through the judicial process. So it appears as if I am not the only one who considers the banks are well out of order!!

there were link machines at Live8 - wonder how much a withdrawl was???