Yorkshire Building Society and cash machines use?

BigYinUK

Hi everyone.  Just got a bizarre email from YBS saying, I quote

---------------------------

At Yorkshire Building Society, we regularly review the types of savings accounts we offer and after careful consideration, have decided to simplify our products by removing some payment functionality.

Important changes for you

We’re getting in touch to let you know that this will mean important changes for you from 15th December 2021:

We’ll be withdrawing the ability to use cash machines from your account.

If your LINK card is due to expire after 30th November 2021 you won’t be issued with a new one.

Other important things to know:  Although you’ll no longer be able to use cash machines to track your account or take out cash, you will be able to manage it and make payments online or, if you’re eligible, through our app.

------------------------------

Has anyone else seen this?  I'm not at all happy that I won't be able get cash out any more.

Alexland

BigYinUK said:

We’ll be withdrawing the ability to use cash machines from your account.

I'm guessing they don't want to pay the ATM interchange fees anymore as the savings market is more about rates than features these days. Plenty of other accounts that offer ATM access so if you are unhappy vote with your feet.

ranciduk

That is pathetic customer service from the MORTGAGE AND SAVINGS HIGH STREET PROVIDER OF THE YEAR. 

Daliah

ranciduk said:

That is pathetic customer service from the MORTGAGE AND SAVINGS HIGH STREET PROVIDER OF THE YEAR. 

The YBS cash transactor account was the go-to account for many years for people who could not possibly get a current account anywhere. It was essentially a pioneer for pre-paid debit cards, although it was never sold as that. It was also completely free of charge. I never had one of these myself but I ma nonetheless sad to see it go.

EarthBoy

Most of their accounts didn't provide an ATM card anyway.  It was only a very few old accounts which are no longer available to new customers. 

scott_lithgows

Nationwide will do a manual account transfer to one of their accounts
They are cancelling my direct debits and standing orders next May as well,so getting things started this week

John464

They used to pay for these services out of the margin they made on interest rates.  But interest rates are so low these days they have no room to charge a margin on them.  To make matters worse the LINK network have been increasing their fees to make up for lost turnover because cash machines are being used less

[Deleted User]

John464 said:

They used to pay for these services out of the margin they made on interest rates.  But interest rates are so low these days they have no room to charge a margin on them.  To make matters worse the LINK network have been increasing their fees to make up for lost turnover because cash machines are being used less

Tosh - an ATM transaction costs less that the equivalent teller transaction.

John464

Deleted User said:

John464 said:

They used to pay for these services out of the margin they made on interest rates.  But interest rates are so low these days they have no room to charge a margin on them.  To make matters worse the LINK network have been increasing their fees to make up for lost turnover because cash machines are being used less

Tosh - an ATM transaction costs less that the equivalent teller transaction.

See post 1
' Although you’ll no longer be able to use cash machines to track your account or take out cash, you will be able to manage it and make payments online or, if you’re eligible, through our app.'
Its an internet account.
(and what does a teller transaction cost them when they already have the branch network and staff?  Instead of paying another institution to use their link machine)

Yorkshire_Pud

Shame to see the atm use go I found it useful as you couldn’t go overdrawn and didn’t have to wait until next bank working day for a payment to arrive in a destination account.

If they brought in same day faster payments I wouldn’t mind the atm use being stopped. But of course they haven’t, they’ve just asset stripped their own account to make it fairly useless.

Account cleared to £1 and card filed in the groovy old defunct cards collection.

[Deleted User]

John464 said:

Deleted User said:

John464 said:

They used to pay for these services out of the margin they made on interest rates.  But interest rates are so low these days they have no room to charge a margin on them.  To make matters worse the LINK network have been increasing their fees to make up for lost turnover because cash machines are being used less

Tosh - an ATM transaction costs less that the equivalent teller transaction.

See post 1
' Although you’ll no longer be able to use cash machines to track your account or take out cash, you will be able to manage it and make payments online or, if you’re eligible, through our app.'
Its an internet account.
(and what does a teller transaction cost them when they already have the branch network and staff?  Instead of paying another institution to use their link machine)

Do you really think cash is free for the society to transact? That's not even counting the opportunity cost of that teller not selling another products rather than balancing tills.