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MSE News: £5-only cash machines launched

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
39 replies 5.6K views
MSE_GuyMSE_Guy MSE Staff
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edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
This is the discussion thread for the following MSE News Story:
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Replies

  • JimmycJimmyc Forumite
    155 posts
    Seems a good idea to include £5 notes in ATM's but don't see why it should only be £5. If somebody withdraws £300 thats a 60 notes it will dispense, it will be empty in no time.
  • bylromarhabylromarha Forumite
    10.1K posts
    I've been Money Tipped!
    Interesting idea.

    I know if I break £10 and the change is in coins it takes me less time to spend the coins than if it were a note.

    Psychologically I can see the benefits of this machine!
    Who made hogs and dogs and frogs?
  • PROLIANTPROLIANT Forumite
    6.4K posts
    Great idea, however Lloyds Bank has been doing this for years and I am sure they still do.

    The Lloyds ATM's in Newcastle upon Tyne at the Haymarket and Grey St always used to allow you to take £5 form your account - not just limited to Lloyd’s accounts either, as it was on the Link network you could use any card.

    It will help people budget, for example lets say you run out of smokes on a Sunday afternoon and Tesco is closed you only have a tenner in your account but you also have a small direct debit coming out on Monday for lets say £3.

    As most convenience stores charge for credit/debit card transactions you do not want to pay 75p on you 10 Lambert so being able to withdraw £5 you can avoid a bounced DD charge and avoid a 75p rip for the privilege of paying electronically.



    Win win. :beer:
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  • Its about time.
    I do volunteer work in a charity shop and the sheer number of people who want to pay for a £1 item and hand over a £20 pound note is so frustrating. Its also vitually impossibe to get change from the banks also as they are preventing people from using the counters to get cash. We have to go to an arcade to get change and the owners get very annoyed sometimes.

    The banks need to drastically increase the number of £5 notes in circulation and i would go further and introduce more £10 notes also. These notes are like gold dust.
  • zpppzppp Forumite
    2.5K posts
    The banks need to drastically increase the number of £5 notes in circulation and i would go further and introduce more £10 notes also. These notes are like gold dust.

    Agreed. And most of the £5 notes in circulation are manky, as they have been overused. According to the article, the Bank of England are trying to increase the circulation, I say good for them! :T
    Best Regards

    zppp :)

  • BigglesBiggles Forumite
    8.2K posts
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    zppp wrote: »
    And most of the £5 notes in circulation are manky, as they have been overused.
    Time we had a £5 coin anway, the £5 note must already be worth far less in real terms than the £1 was when that was replaced by the coin.
  • edgexedgex Forumite
    4K posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
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    i used a HSBC machine a few weeks ago & had 2 £5s instead of a £10

    maybe they just need to change half of the £10s in a cash machine into £5s
  • ArthurianArthurian Forumite
    707 posts
    Part of the Furniture 500 Posts
    ✭✭
    My elderly mother's eyes light up when she is given a £5 note. When in town, she'll never hand over a fiver, but try to get one in her change, because she needs them for the rest of the week, to pay (or part-pay) the window-cleaner, the gardener, the mobile hairdresser, etc. Agree with previous posters, they are like gold dust.
  • Brilliant, I hardly ever have £5 notes always coins which bulk up my purse! When anybody needs change of a £10 its nearly always in coins. I would much rather get 10's and 5's out of a machine, it should have the option for the user to choose the denominations.
  • I bet that these £5 machines are the pay-to-use type. Seems a bit cynical to target people on a limited budget who might want to withdraw only a small amount of cash but are being charged for the privilege.
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