Advertisement
Money

Rural cash machines will receive a ‘super premium’ to stay open

Link, the UK’s biggest cash machine network, will subsidise free-to-use ATMs up to £2.75 per cash withdrawal to ensure remote and deprived communities still have access to cash

Up to 3,500 cash machines will be supported with a new ‘super premium’ to stay open in remote and deprived areas.

The UK’s largest cash machine network Link will boost payments to operators to £2.75 per cash withdrawal from April 1 as part of their Financial Inclusion Programme.

ATMs are shutting down at the rate of 300 per month, according to consumer site Which?, leaving thousands of people who still rely on notes and coins without access to cash.

Link’s move aims to combat the decline with free-to-use ATMs that are 1km or more away from another eligible, amounting to around 1,000 initially.

But John Howells, chief executive of Link, expects that this number will rise as ATMs continue to disappear from the UK’s high streets.

“We are delighted to announce this increase in financial support for ATMs in remote and deprived areas that provide a vital service to communities,” he said. “While many consumers are turning to alternative payment methods such as contactless cards, it is vital we continue to provide free access to cash to those who need it.”

Advertisement
Advertisement

While the move has been welcomed, the Federation of Small Businesses’ Mike Cherry insists that only regulatory action can save the ATM onslaught across the country and pointed to Which’s Save our Cashpoints petition to make a difference.

“The Payment Systems Regulator must now intervene and help the industry formulate a long-term strategy for maintaining free access to cash right across the UK,” said FSB’s national chairman.

“Millions of small firms have customers who want to use cash – close to £100 billion is spent in shops using coins and notes every year. When a local cash point is lost, sales often take a direct hit.

“A lot of remote, vulnerable communities – where a high proportion of shoppers want to use cash – are having to battle bank branch closures alongside Link’s cuts to cash machine funding. Reduced cashflow in these local economies hurts footfall on high streets and restricts economic growth.”

Advertisement

Become a Big Issue member

3.8 million people in the UK live in extreme poverty. Turn your anger into action - become a Big Issue member and give us the power to take poverty to zero.

Recommended for you

Read All
Easy hacks for books and apps that every student should know
Student Life 2024

Easy hacks for books and apps that every student should know

How to live your best student life without breaking the bank. No, seriously
Student Life 2024

How to live your best student life without breaking the bank. No, seriously

How to navigate the new social world of university life – no matter your background
Student Life 2024

How to navigate the new social world of university life – no matter your background

Dear students: Here's how to get smart about money and save yourself stress later on
Student Life 2024

Dear students: Here's how to get smart about money and save yourself stress later on

Most Popular

Read All
Renters pay their landlords' buy-to-let mortgages, so they should get a share of the profits
Renters: A mortgage lender's window advertising buy-to-let products
1.

Renters pay their landlords' buy-to-let mortgages, so they should get a share of the profits

Exclusive: Disabled people are 'set up to fail' by the DWP in target-driven disability benefits system, whistleblowers reveal
Pound coins on a piece of paper with disability living allowancve
2.

Exclusive: Disabled people are 'set up to fail' by the DWP in target-driven disability benefits system, whistleblowers reveal

Cost of living payment 2024: Where to get help now the scheme is over
next dwp cost of living payment 2023
3.

Cost of living payment 2024: Where to get help now the scheme is over

Citroën Ami: the tiny electric vehicle driving change with The Big Issue
4.

Citroën Ami: the tiny electric vehicle driving change with The Big Issue