Yorkshire Building Society and cash machines use?

John464

Deleted User said:

Do you really think cash is free for the society to transact? 

Thats not what I said is it?

bristolleedsfan

EarthBoy said:

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. 

Internet Saver which would have been very popular, optional link card up until at least Issue 4 ( yes on issue 8 now)

[Deleted User]

John464 said:

Deleted User said:

Do you really think cash is free for the society to transact? 

Thats not what I said is it?

What were you attempting to say?

retiree

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.

Very disappointing news. Does anyone know of any other building societies offering this service?

happybagger

Coventry, if you don't mind almost zero interest
https://www.coventrybuildingsociety.co.uk/member/product/savings/easy_access/instant-access-account.html

John464

Deleted User said:

John464 said:

Deleted User said:

Do you really think cash is free for the society to transact? 

Thats not what I said is it?

What were you attempting to say?

Not that cash is free for the sociey to transact.
But that ybs can't make as much margin on the interest rate they used to do.
So they have to save money by withdrawing the ATM facility.
It will cost them less to have the withdwals done online and through their existing branch network.
If you divide the cost of the branch network by the number of cash withdrawals the cost is high.
But when you already have the branch network the cost of a few extra teller transactions is not high.

[Deleted User]

John464 said:

Deleted User said:

John464 said:

Deleted User said:

Do you really think cash is free for the society to transact? 

Thats not what I said is it?

What were you attempting to say?

Not that cash is free for the sociey to transact.
But that ybs can't make as much margin on the interest rate they used to do.
So they have to save money by withdrawing the ATM facility.
It will cost them less to have the withdwals done online and through their existing branch network.
If you divide the cost of the branch network by the number of cash withdrawals the cost is high.
But when you already have the branch network the cost of a few extra teller transactions is not high.

You don't understand the economics - the marginal cost of an ATM withdrawal is the LINK interchange fee (likely cheaper than the equivalent teller transaction) plus they will gain LINK interchange from their ATMs. It's a policy based decision nothing more and It's all a bit moot as they aren't providing branch access in it's place.

John464

Deleted User said:

- the marginal cost of an ATM withdrawal is the LINK interchange fee (likely cheaper than the equivalent teller transaction) plus they will gain LINK interchange from their ATMs. It's a policy based decision nothing more and It's all a bit moot as they aren't providing branch access in it's place.

Marginal cost is the extra cost of a teller transaction, on top of their fixed costs of running the branch network
Wheras ybs have to pay for nearly all Link Transactions as they have very few Link machines of their own.
So they are paying someone else, instead of using their own existing facilities.
And not every Link withdrawal will be replaced by a teller withdrawal
As they say in post 1, they are expecting the withdrawals to be made online, which is a tiny fraction of the cost of a Link cash withdrawal. 

ScarletBea

I don't understand the comments: the vast majority of savings accounts (NOT current accounts) don't have debit cards/access to ATMs.

Steve_xx

Yorkshire Bank have issued a further missive today. They are dropping DD and Standing orders, I think, from 1 June 2022:

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.
• You’ll no longer be able to set up new direct debits and standing orders on your account.

Then from 1st June 2022:

• We’ll be removing the ability to make direct debit and standing order payments from all our accounts.
• We’ll be transferring your account to an Access Saver. This will happen automatically and your new account will pay interest. For full details of the new product, click here.

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. Just register at ybs.co.uk/register.
• If you have payments made into your account, you’ll still be able to receive them e.g. by direct debits and standing orders made out to you, faster payments and BACs.
• We’ll pay interest at a rate of 0.50% Gross† p.a./AER* variable** on any money that’s in your account as soon as the transfer has completed.
• If you use open banking, you’ll no longer be able to use it to see your account.

You’ll find more information about the account changes, including frequently asked questions to help you work through the detail, here.

You might also like to consider

• Signing up for our online services so that you can manage your account that way. It only takes a few minutes and you can do this at ybs.co.uk/register. Once you’ve registered, downloading our app will give you extra convenience if you’re eligible.
• If you’d like to look at another of our other savings accounts, your local branch or agency will be happy to talk you through your options. You’ll also find full account information and details of our branch and agency locations on our website ybs.co.uk
• Once your account has been transferred, you can ask your local branch or agency for a passbook when you next call in. This will mean you can pay in and take out money and will help you keep track of your balance. So that we know it’s you when you pop in to collect it, you’ll need to bring along some identification. Your LINK card is fine. If you manage your new account online though, you won’t need a passbook.
• If you decide you’d prefer to close your account, you can do this without being charged or losing interest.

Helping you stay secure

• Keeping you and your money safe is our priority. You’ll find tips on avoiding scams and financial fraud here.

If you need a hand

If you have any other questions, please phone us on 0345 166 9200. Our lines are open Monday to Friday 9am – 5pm.
 
Yours sincerely

Sarah Jackson