MSE News: Some ATMs may close due to reforms...

Former_MSE_Callum

The firm behind the UK's main cash machine network has announced a series of reforms which could lead to some ATMs closing - but should protect the most rural and remote machines...

Read the full story:
'Some ATMs may close due to reforms - but rural machines should be safe'

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aj23_2

Santander won't let us do Business Banking over the counter, so we have to use the ATM for deposits (unless the ATM isn't working, then they will do counter).

I don't use the ATM for personal, I use the counter. Keeps the employed worthwhile.

AllieKat

This is good, it really is. It's needed to keep LINK and free ATMs around at all. Newer banks are questioning the value of joining LINK - Monzo and Starling, for example, are not members. Interchange payments have to make sense for everyone.

The current high LINK interchange is value for banks on an old thought that it replaces a far more expensive in-branch counter transaction. However, in truth, today it rarely does - it's far more likely to be replacing a card purchase or a bank transfer - both of which are better for everyone (except the ATM owners). Thus, why would banks continue to support it as is (unlimited free ATM use)? Look at other countries and you'll see this is a rare thing!

The current LINK plans do seem a bit desperate (will a small interchange cut really keep ATMs and LINK relevant long term? No), but they need to do something or they'll die even sooner. If you like cash, this is good for you. It means that the model will be sustainable at least a bit longer than it otherwise would have been.