Free to use Cash Machines

joebloggs69

I've just read that apparently up to 600 free-to-use cash machines are to be installed in low income areas, that's nice of them - they should all be free! They say it as if they're being benevolent!

Since we can claim back bank charges these days, is this a possible open door?

MPH80

They say it as if they're being benevolent!

They are. It costs money to run a cash machine.

Since we can claim back bank charges these days, is this a possible open door?

If you're going to bring this up - the refrain of people claiming back is they feel we should all pay a fair price for our banking - so why shouldn't you pay for the use of a cash machine?

M.

oldwiring

There is both cost and benefit to the bank's in our use of cash machines. If they were not there more staff wouls be needed.

joebloggs69

Weren't they free in the past? Beside, I know banks only earn a meagre sum, but surely they can afford to give us access to our money - especialy seeing as most High St branches now are insisting on removing all human contact with customers.

Rafter

Every transaction costs the bank about 40p - especially if you use a competitors machine.

This has to be paid for somehow, even if that means a lower rate of interest on your money.

If everyone was a moneysaver wanting 5% plus on their current account, free banking, no fees etc etc then the banks would go out of business or would have to close thousands of branches and slash call centres making service even worth.

The fact is that things have been subsidised. Free banking subsidised by high charges. New customers subsidised by existing customers.

We trust our money to banks. We expect them to keep it safe and lend it to others in order to earn interest that we can then receive on our savings or use to subsidise our 'free' current accounts.

Personally I think basic banking should be free, the alternative is that we all keep cash in a box under the bed which doesn't feel like progress.

However the basic account should be just that. No interest on the first £500 say, 50p charge for each cheque, free online statements (or a 50p charge for paper ones). Free online banking - free cash machines.

That seems fair. The interests that the banks earn should cover their costs that way.

But if you want low charges and fees, high interest, free banking then forget it - the sums just don't add up.


R

Gordon_the_Moron

Most of the cash machines that charge are not owned by the banks and are in places that without a fee charging machine there would be no cash machine.

I only use the free machines but if people want to use them in pubs and nightclubs and other places like shops where the banks won't (and shouldn't) provide them for free, why not? If people are willing to pay for convenience where it cannot be provided for free, why not?

The only thing I object to is places like motorway service stations using them and not offering an available alternative. If you can't get to a free cash machine you have reason to complain, and reason to thank the banks. If you use fee charging cash machines for convenience, don't complain about the fees.

:xmassmile DA MORON :xmassmile

whatnots2015

Rafter wrote:

But if you want low charges and fees, high interest, free banking then forget it - the sums just don't add up.
R

The same could be said of any business which wants to make a profit. Some people chase 0% deals on credit cards, but somebody else somewhere has got to pay for that interest rate. Some people want cheaper insurance, but I wouldn't want someting that has so many exceptions it's not worth the paper the certificate is written on.

arrowsmith

What did some people do before cash machines !

There is no reason to moan about cash machines that charge, as long as they tell you before they charge; vitually all the fee paying machines are in new places.

You can also take money out at the post office with most cards.

radcliffeman

Gordon_the_Moron wrote:

Most of the cash machines that charge are not owned by the banks and are in places that without a fee charging machine there would be no cash machine.

Well I was quite disappointed today when trying to withdraw cash from the ATM at Birch Motorway Services M62 Eastbound.

It has been several months since I was there and it was always a free NatWest ATM.

Today I was almost charged £1.85! The machine was in exactly the same place and there wasn't anything on it to suggest it had changed hands. I inserted my card and followed the instructions - noticing a slight difference in the displays, but it wasn't until I asked for the amount that I got the pop-up to say if I proceed I'd be charged.

I thought they were supposed to have this on the welcome screen or pinned up next to the ATM?

When I checked my online bank account later, they had taken the cash and the fee, but immediately returned both ... so they know I tried to use their machine. Surely this isn't on?

The transaction said it was Hanco.

radcliffeman

arrowsmith wrote:

What did some people do before cash machines !

I remember the days when people used to write cheques out to CASH and visit their bank to get the money and have to show their cheque card as ID.

Supersparer

As others have noted... Bank owned machines are actually free to use for all customers. There are also a number of "Independent ATM deployers" (IADs) which make their money by installing terminals in locations where banks may not feel that a cash machine would be used by enough people to even cover the cost.

During recent years contracts for a large number of locations have come up for renewal. Some banks have noted concerns that IADs outbid them for some of these contracts (especially service stations) as they are able to offer higher site rental.

I know that banks have for a number of years wanted to charge non-customers fees again for making withdrawals (as I believe some of them did during the late 1990s) but none of them currently wants to be the first to move...