MSE News: £5-only cash machines launched

PROLIANT

ultrawomble wrote: »

I bet that these £5 machines are the pay-to-use type. Seems a bit cynical to target people on a limited budget who might want to withdraw only a small amount of cash but are being charged for the privilege.

MSE_Article wrote: »

An ATM operator today launched a network of free cash machines that only dispense £5 notes.
Bank Machine has installed 21 cash machines across Britain that only give out fivers, regardless of how much money is withdrawn.
The group said the move aimed to help get more £5 notes into circulation, while it also enabled people to withdraw smaller sums, which is designed to help them budget (see the Budget Planner guide).
The introduction of the network of free-to-use machines follows a pilot of two ATMs that only dispense £5 notes in London.
The group said these machines were currently putting around 100,000 £5 notes into circulation each month.

From the MSE article.

ultrawomble

DOH! My bad

Lokolo

Loads of uni cashpoints already give £5 notes out, for obvious reasons!

andymc29

Lokolo wrote: »

Loads of uni cashpoints already give £5 notes out, for obvious reasons!

2 x Pint of Snakebite and Black = £5 ?????

I_luv_cats

Years ago (1980's) you could have a £5 in your withdrawal amount, can't remember the bank - it was in Blackpool.

I heard somewhere some existing machines have the capacity to add £5 notes but don't know why banks don't choose to?

donotpassgo_2

As a shopkeeper I would welcome this, we are always running out of fivers as people have to use £20 to buy something at say a couple of quid

rb10

I_luv_cats wrote: »

I heard somewhere some existing machines have the capacity to add £5 notes but don't know why banks don't choose to?

This is true, many machines do have spaces in them for £5 notes.

However, if a machine has, say, £30k in £10 notes, then you'd only be able to fit £15k in the machine if you used £5 notes. This would mean that the machine would have to be refilled twice as often ... all at the bank's expense.

AndrewSo.

There has been one of these machines outside of Waterloo Station for the past few months. I think it's great, the notes a brand new and the machine does not charge.

jonesMUFCforever

I_luv_cats wrote: »

Years ago (1980's) you could have a £5 in your withdrawal amount, can't remember the bank - it was in Blackpool.

I heard somewhere some existing machines have the capacity to add £5 notes but don't know why banks don't choose to?

Most ATM'S have 4 boxes in then with 2 denominations either £10 and £5 or £20 and £10. Anybody with a brain can work out that a bank can put in a lot more cash using the higher denominations - personally I would prefer getting a £20 note and getting change rather than finding the machine out of order because it ran out of money.

Rainbow_Liberty

If they do actually have 4 slots for notes then wouldn't it be possible to fill 2 with £20 1 with £10 and one with £5. Only dispense £5 notes to amounts ending in £5. Even amounts i.e. £40 would only dispense £20 notes and Odd amounts i.e. £70 would be made up of 3 x £20 and one £10. This should help prevent the machine running out too quickly surely rather than dispensing the smaller denomination notes first.