ATM fees 'to reach £250m in 2006' - Page 2

entwisi · 13-11-2005, 09:05

Interesting thread for me as I work in IT for a Bank and my first job here was rewriting the ATM software.Firstly the charging machines are not owned by a bank. They are a private enterprise who pay a charge to LINK(Who are an organisation whose members are from all banks who sign up to be members of the LINK scheme) to get authorisation of the transaction. This costs in the region of 50p/withdrawal. The Banks themselves absorb these costs. This is the way that banks with large ATM networks are rewarded for their investment in the machines (which cost in the region of 100K each plus the software development costs/maintainance/filling charges etc). For the private enterprise to make money he has to himself invest in machines(although they aren't as fancy as bank ones) find floorspace, and suffer all the other charges to keep one active. If it is convienient for you to use a charging machine and you are happy with the charge then that is your choice. No one forces you to use that machine. As others have said, there are plenty of places that offer cashback from debit card transactions and there are still far more bank ATMs than private ones.

Most countries abroad do not have the notion f free banking that we enjoy in this country. When I was developing the software I was chatting to a German guy from the machine manufacturer who asked me why our quick cash screens had such low amounts(20,30, 40, 50 etc). I quickly found out that as Margaret mentioned they are charged if they make more than a few transactions a month. Because of this he said Germans very rarely took out less than £100 equivilance.

So be grateful that for this one thing we don't live in 'Rip off' Britain!

Ian

park381 · 13-11-2005, 09:25

Very interesting reply Ian, but from the news article, and indicated profits, someone is making a lot of money from the machines

Mik Dickinson · 13-11-2005, 09:29

Nope i don't.Only if i use other banks.Shops and the like or related banks to mine are free.Yippee i finally get to not pay.

SPUGGIE J · 13-11-2005, 13:41

Quote:

Originally Posted by Mik Dickinson

Nope i don't.Only if i use other banks.Shops and the like or related banks to mine are free.Yippee i finally get to not pay.

Lucky for some then fed up of charges for my own money so maybe i should buy a safe and keep it in the house.

entwisi · 13-11-2005, 13:57

I reckon you can pay rather a lot of fees out of what it would cost for a half decent safe

Why can't you use a non fee paying machine have they all been removed from the town you live in spuggie?

SPUGGIE J · 13-11-2005, 14:17

Nearest non charge one that works all the time is in the town centre the others get vandalised on a regular basis. " mile round trip is no good if cash is required prior to dayshift.