Cash Machine Charges

The government says that fee-charging cash machines are helping consumers rather than hurting them, by offering a convenient way of getting cash, and I have to say that I tend to agree with them.

Nobody likes having to pay to get their hands on their own money, but at the end of the day these standalone machines that have been popping up in shops and pubs have to be paid for somehow, and they do offer a useful service (how many times have they come in handy when you haven’t got any cash left to pay for last orders at the pub?!), and they have to be maintained and kept secure by someone.

What I do object to however is the amount of fee charged per transaction. In most case it is £1.50 flat fee regardless of the amount withdrawn (although go to an event like the Grand Prix at Silverstone or a music festival and you’ll likely pay £2+) – I generally wouldn’t withdraw less than £20 for such a cost, and even then it amounts to over 7% of the transaction, which is rediculous. I know it’s the same cost however much I withdraw, but it just doesn’t seem right paying £1.50 just to get a tenner out.

I think there would be a lot less objection to these machines if the charges were less, such as 20p – 30p per transaction, yet obviously most of us are still willing to use them at current charges, so it makes no sense for the companies behind them to drop their rates. It makes you wonder how much they actually make on each transaction.

Thankfully most bank based ATMs are now free, and these should definitely stay this way.

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