Have your say on cash machines

grumbler

trigger_mike wrote:

I find it bad that you pay the same fee weather you withdraw £10 or £200, to get charged £1.50 on a tenner is a bit over the top.

When you buy screws in B&Q, 20 packs of 5 cost much more than one pack of 100. Isn't this normal?

lipidicman

Best not to buy screws in B&Q. You dont so much 'buy screws' as 'get screwed'

Rafter

In the US and many other countries, if you withdraw cash from your own bank you pay no fee. Use another bank or a 'private' machine and you will pay a charge.

This is because your bank has to pay a fee if you use someone elses machine, even in the UK, for accessing the link network. I think it is about 40p a time.

So someone who withdraws money from their own bank saves the bank money.

Someone who makes multiple withdrawls from a competitor bank could end up costing their own bank a fair bit.

2% interest on say a £1000 current account balance works out at £1.60 per month.

Someone making 4 withdrawls from a competitor bank to mine, costs my bank £1.60 in link charges.

I'd rather have the interest for my loyalty and for the competitor customer to pay a modest charge.

There is an alternative most of the time after all. Debit cards are more secure, don't require securicor guards to fill the machines and can be used to get cashback at retailers.

Personally I hope that cash will be replaced by something like the London Underground Oyster card or electronic wallets built into mobile phones.

In the meantime I don't see why consumers shouldn't pay for the convenience of withdrawing money, with the fee waived at their own bank.

R.

Little_Penguin_2

The one and only time I got stung was thinking I had more cash than I did have at the supermarket, I passed on the cashback and had to use their ATM. Signage wasn't clear as this was a few years ago and there were limits on whose machines you could use with each bank. This was annoying as there were plenty of retailers in this location, but no banks, so there were no other choices.

lipidicman

So why didn't you go back in, buy something of low value and get your cashback?

K9cuddles

yeap.. I filled it out.

jjthorne

One think that happend at the University that i attend, the Cash Machine at my campuse, was once opperated by a well known high street Bank and didn't charge anyone for using it.
Than one year, it was taken over by someone else, and they started charging £1.75 per transaction, so every student started bying a 500ml drink from the Students shop that was just next door, used there debt card, which only charged 30p if the transaction was less ten £5, then got cash back, with the transaction, so the cash machine stopped being used from then on.

hubballi

There is one on the Albert Dock, Liverpool that is blatantly ripping the tourists off. It never gave me a warning and charged something like £1.70 to withdraw £10. It had a link sign which my cashpoint card supports but it still charged. Tink of the money it will be making. I have complained about it but heard nothing.

Ian.

aubergine

I feel really strongly about this. We had a free cash machine, which we used regularly, at our local petrol station, owned by our bank, the Bank of Scotland. Then the Bank of Scotland sold off lots of remote cash machines for lots of money to a private company and my husband got stung for £1.50 as he didn't notice the small notices advising him of the charges on a machine he'd used for free for years (I did complain to the provider and I got a refund, although they insisted they met the regulations).

My first contact was with our bank who gave me the 'nothing to do with us' line. Little did I realise at the time that actually they had profited by selling the machines on.

Banks have cut branches, when you do get into a branch the queues are massive, you are pushed to use cash machines, saving them a fortune, it's not too much to ask for them to provide free machines in convenient locations, especially in remote areas.

FirstClassMale

The other week I went to pick up a Chinese take away that my OH had ordered by phone. i had about £16 on me but, having never used this take away I thought I had better get some more money out just in case.

the ATM had the "LINK" sign above it and no mention of a charge. I went through the whole transaction until it told me it would be charging me £1.75 for my withdrawl of a tenner. I pannicked and hit the cancel button. I went into the Sommerfield store just round the corner and got cashback.

I went into the chinese and the meal was only £13.50. Actually, it tasted dreadful so I wont be using the Take away or the ATM again!

Incidentally, the reason large supermarkets like the cashback scheme is that it saves them a fortune on cash handling services. If 2000 people walk out with £10 in their wallets then thats £20,000 less that needs transported by Cashco or Securitas and a reduced amount of cash sloshing about in cash rooms reduces the security risk too.