Bank Machine ATMs and 5 pound notes

catkins2

I don't know if this is the right place to post this but if it isn't then maybe an administrator could move it to the right forum.
This is something that I just noticed today, a company called Bank Machine operate these ATM's that dispense 5 pound notes.
They claim that they are providing a valuable service to people on low incomes because by drawing out 5 pound denominations
people are likely to spend less.In theory this sounds good except if you use one of their machines you get a charge of around
1.50 GBP unless you are near one of their free to use ATM's located at Hospitals, Military Bases, Universities and Low Income Areas.I just find it Hypocritical for them to say that they are helping people save money when they are charging them for the privilege.

http://www.bankmachine.com/home

visidigi

This is more of a rant than anything...but my two local ATM's from high street banks both deliver £5 notes for no surcharge....sounds like the machines you tralk about are put in by a middleman...

arcon5

Whats your point?

They are providing a service, you either accept the price or don't. Many cash points charge a fee, it's a pain but you either pay it for the sake of convenience or you find another cash point for free.

CoolHotCold

Needs moved to Vents/Rants board.

MarkyMarkD

As others say, "so what"? The machine charges because it's in a convenient location. Putting in £5 notes enables someone to withdraw their last £55 (say) instead of just £50 if the machine only had £10s or £40 if it only had £20s! Hardly a reason to complain.

texranger

catkins2 wrote: »

I don't know if this is the right place to post this but if it isn't then maybe an administrator could move it to the right forum.
This is something that I just noticed today, a company called Bank Machine operate these ATM's that dispense 5 pound notes.
They claim that they are providing a valuable service to people on low incomes because by drawing out 5 pound denominations
people are likely to spend less.In theory this sounds good except if you use one of their machines you get a charge of around
1.50 GBP unless you are near one of their free to use ATM's located at Hospitals, Military Bases, Universities and Low Income Areas.I just find it Hypocritical for them to say that they are helping people save money when they are charging them for the privilege.

http://www.bankmachine.com/home

this wont last long as the Bank of England are drawning plans to abolish five pound notes (but saying that they have been doing this for the last 2 years)

catkins2

I think a lot people are missing the point I was trying to make.This company Bank Machine is saying that it is helping people out in hard economic times by enabling them to draw money out in smaller 5 pound denominations.It's a sales pitch they are using but how are they helping people out when they are charging them at most of their ATM's ?

unholyangel

catkins2 wrote: »

I think a lot people are missing the point I was trying to make.This company Bank Machine is saying that it is helping people out in hard economic times by enabling them to draw money out in smaller 5 pound denominations.It's a sales pitch they are using but how are they helping people out when they are charging them at most of their ATM's ?

Does the machine only dispense £5 notes? Or does it dispense others too? If its the latter, then I think they're being fair. If its only a charge on £5 notes then perhaps they're not.

But as people have pointed out, they're providing a service. They need to be paid somehow. If times are so hard you cant afford the charge you can either go to a free atm to withdraw or you can pay by card. The machines are for convenience. You pay for the convenience. They are not a necessity.

scheming_gypsy

I agree, it's very hypocritical of a business to make a profit.... oh, hang on.

ThumbRemote

texranger wrote: »

this wont last long as the Bank of England are drawning plans to abolish five pound notes (but saying that they have been doing this for the last 2 years)

Is that another texranger fact?

Also known as 'wrong' to the rest of the world.

fluffnutter

catkins2 wrote: »

I think a lot people are missing the point I was trying to make.This company Bank Machine is saying that it is helping people out in hard economic times by enabling them to draw money out in smaller 5 pound denominations.It's a sales pitch they are using but how are they helping people out when they are charging them at most of their ATM's ?

I get your point, catkins2. It frustrates me too when companies make their primary sales tactic all about 'helping the poor' when in fact they, like everyone else, charge the poor far greater fees and interest to borrow money than more well-off people are charged.

Of course these machines can dispense more than a fiver thus making the £1.50 fee a smaller proportion but the sales pitch is all about how small denominations can be withdrawn at a time. £1.50 is a ridiculous price to pay if all you want is a fiver.

Coupled with the fact that those on lower incomes often find themselves limited to machines in 'convenience' locations so don't have the opportunity to find one that doesn't charge, I think this is just cynical marketing.