{"id":2077,"date":"2018-09-12T06:29:32","date_gmt":"2018-09-12T06:29:32","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/free-cash-machines-closing-at-record-rate\/"},"modified":"2018-09-12T06:29:32","modified_gmt":"2018-09-12T06:29:32","slug":"free-cash-machines-closing-at-record-rate","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/free-cash-machines-closing-at-record-rate\/","title":{"rendered":"Free cash machines closing at record rate"},"content":{"rendered":"\n
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\"ATM\"Image copyright<\/span>
\n Getty Images<\/span><\/p>\n

<\/span><\/p>\n<\/figure>\n

More than 250 free-to-use cash machines are disappearing a month as operators shut unprofitable ones, the network co-ordinator Link has said. <\/p>\n

There are 53,000 free machines in the UK – but the number is shrinking at a record rate as people use less cash.<\/p>\n

Now the Payment Services Regulator (PSR) is cracking down on the closures and asking for more network protection.<\/p>\n

“Free-to-use ATMs continue to play a vital role in helping people access their money,” the regulator said.<\/p>\n

Hannah Nixon, the PSR’s managing director, said: “The requirements we intend to place on Link will help ensure that Link achieves their commitment to protecting the geographic spread of free-to-use ATMs across the UK.”<\/p>\n

Falling demand<\/h2>\n

Link’s ATM Footprint Report found that between the end of January and the start of July 2018, the number of free-to-use ATMs fell from 54,500 to 53,200.<\/p>\n

That is partly because people are using cash less, Link said, thanks to the rise in popularity of new payment methods such as contactless transactions.<\/p>\n

But it is also because cash machine operators such as Cardtronics and Note Machine, who get a fee from our banks each time we use one, are finding that fewer of their machines are economic to run.<\/p>\n

Under pressure from banks, Link is cutting the fee it pays to operators while trying to restrict the resulting closures in city centres,<\/p>\n

Link said it had set up “specific arrangements to protect free-to-use ATMs more than 1km away from their next nearest free-to-use ATM”. <\/p>\n

The organisation has earmarked some 2,365 free machines in remote and rural areas that it wants to remain open.<\/p>\n

But 76 of these protected cash machines closed between January and July, 21 of them without even a Post Office nearby to get cash over the counter.<\/p>\n

The PSR says it is concerned and is taking action to ensure Link meets its commitments.<\/p>\n

It is also seeking renewed commitments from banks that consumers will continue to be offered services, allowing them to access their cash.<\/p>\n<\/p><\/div>\n


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Source<\/a> by [author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Image copyright Getty Images More than 250 free-to-use cash machines are disappearing a month as operators shut unprofitable ones, the network co-ordinator Link has said. There are 53,000 free machines in the UK – but the number is shrinking at a record rate as people use less cash. Now the Payment Services Regulator (PSR) is … <\/p>\n","protected":false},"author":0,"featured_media":2078,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2077","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/2077","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=2077"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/2077\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/2078"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=2077"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=2077"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=2077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}