Card Machines to Close

Posted by Kirstie Brown in Personal Finance on 30 January 2017 - Kirstie is a Senior Credit Analyst at checkmyfile.

Consumers are being warned that the UK could lose 35% of its free cash machines unless a deal is secured to cover the annual £1bn running costs.

A system known as ‘Link’ currently allows customers of all banks to use other providers’ cash machines free of charge, however the future of this is in question. The Link network currently operates 70,000 ATMs in the UK (75% of which are free), with 39 members including Banks and Building Societies.

Banks in the UK say that they pay too much for the use of independent cash machines from providers which include PayPoint and Note Machine. Independent companies own 57% of the UK’s 70,000 cash machines – these tend to be located in supermarkets, shops and newsagents. Each time a transaction is made, the individual’s bank pays just under 30p to the cash machine company.

The ATM Industry Association (ATMIA) have said that information received from independent operators at the centre of the row meant that more than 8,000 of the current 54,000 free-to-use ATMs were at risk of being turned off or charging customers to withdraw cash.

This could result in millions of people in rural areas of the UK losing the ability to access cash on a day-to-day basis, making them more reliant on ‘cashless’ payments like bank cards, online transactions and smartphone payments. Areas such as the South West, Scotland and the South East, where 44%, 40% and 33% of cash points are under threat, will be hit the hardest as these regions have suffered the most bank branch closures in recent months. Some of the major cities would also lose out if these free ATMs were lost. London would lose the most machines, while Belfast, Glasgow, Birmingham, Sheffield and Cardiff would also suffer.

This especially affects the aging population, as branch closures and a lack of ATMs would leave them financially excluded from society. Simon Bottery from Independent Age says, "Elderly people are not ready for this. The most obvious issue is that they tend to be less mobile so they can't shop around for a free cash point. In order to avoid paying fees they may pass on cards to friends or family who are more able to get to a free cash point, however this not a good idea for people as it opens them up to financial abuse."

Members of Link, including banks and independent ATM providers met on Thursday at Canary Wharf in an attempt to resolve the dispute, but currently this issue remains ongoing.

Check Your Multi-Agency Credit Report

30 Day Free Trial

The Advantages & Disadvantages of Store Cards

There are a number of reasons you might take out a store card: whether you’re just waiting in-line at the shop and find out you can save on today’s shopping or they offer the promise of making money in the future, these cards regularly find their way into wallets (or phones via an app). Most big retailers offer their own cards, which allow you to take your purchases home – often with a nice discount applied – without having to part with a penny at the till.

Published on 10 Jul 2018 by Tom Blandford

Full Article

What Happens To Your Credit Report When You Move Country?

Moving from one country to another results in a lot of changes and new things – a new place and culture, new job, new people and in some cases even a new language. However, one thing lots of people do not realise is that you will also be starting afresh when it comes to your Credit Report. Credit Reports and the information they contain are country-specific and do not follow you from one country to another.

Published on 27 Jun 2018 by Kirstie Day

Full Article

What To Do If You’re a Victim of Data Breach

Another day, another high-profile data breach, with the morning news bringing word of another leak of personal information that affects millions of consumers. This time it’s the turn of Dixons Carphone - the company behind PC World, Currys and Carphone Warehouse.

Published on 14 Jun 2018 by Jamie Mackenzie Smith

Full Article

What Does Bongo Know About You?

“What does Bongo know about you?” A slightly off-the-wall question I’ll grant you, but one that you might have been asked at some point in time.

Published on 7 Jun 2018 by Richard Catlin

Full Article

Why Don’t Millennials Take Out Credit?

As a millennial, it can feel like my generation is besieged with criticisms on a daily basis, and not all of them are entirely fair (though lots are). We are frequently told that as a generation we are entitled, we have it so much easier than our elders and arguably, worst of all: we buy too many avocados. While I don’t buy avocados, I do have access to credit, which makes me a minority among my age group.

Published on 16 May 2018 by Beth Jennings

Full Article

Why Is My Loan Balance Wrong On My Credit Report?

One of the single most important pieces of information to appear on your credit file is the information relating to your credit agreements and how you repay them - with this information lenders can see your borrowing history across the last six years and use it to help them decide whether or not to offer you finance.

Published on 7 May 2018 by George Coburn

Full Article

How long do closed accounts appear on my credit report?

Some people believe that as soon as a credit agreement is settled and closed, it will no longer be reported to the UK’s Credit Reference Agencies and therefore will no longer have an influence on future credit applications. However, this is a popular misconception, one that could affect your ability to get credit if not correctly understood.

Published on 2 May 2018 by Tom Magor

Full Article

How to Save Big in the Bank Holiday Sales

Bank holidays may not guarantee a day of sun-soaked fun, but as is British tradition, we’d probably be quite happy barbecuing in the snow if it came to it. But no matter what your plans are, if you want to grab a bargain, you can use the Bank Holiday sales to save some serious money.

Published on 26 Apr 2018 by Kiah Phillips

Full Article

Should I Buy or Finance an Aston Martin Valkyrie?

We’ve all been there. £3 million burning a hole in your pocket and a track-going version of Aston Martin’s latest hypercar sat in front of you. But as a shrewd, savvy business-type, you know that dropping £3m in one go on a 1,100bhp car could be considered a questionable, perhaps even ‘baller’ move. But what about putting it on finance?

Published on 13 Apr 2018 by Jamie Mackenzie Smith

Full Article

How to Build Credit History Without a Credit Card

When it comes to the best way to build up a credit history, conventional wisdom is to take out a credit card and use it for everyday purchases, while paying it off (on time) at the end of every month. There’s plenty to support this advice too, as a credit card allows you to spend as much or as little as your limit will allow, while building a history in a reasonably short amount of time.

Published on 26 Mar 2018 by Jamie Mackenzie Smith

Full Article


We have loads of great customer reviews