Reed Campaigns to Protect Free Cash Withdrawals

Loughborough MP Andy Reed is continuing to campaign on behalf of local constituents being charged for making cash withdrawals from local cash-points, as a new report revealed that almost half of all cash-points charge customers for the privilege of accessing their own money.

Reed has campaigned in the past for a reduction in ATM machines charging local residents as the people most likely to have to pay the charges are the poorest people in society – those who are unable to travel long-distances to a cash-point and are forced to use local ATMs.

The new report from the Nationwide Building Society warns that 43% of cash machines in the UK now charge for withdrawals – and the number is continuing to rise. Nationwide are warning that in a matter of years all free cash points may become extinct.

Reed said:

“I have long campaigned that we should get rid of the charges at local cash-points. These charges take money away from the poorest and vulnerable we have in society more than anyone else. It is wrong that the most vulnerable people in society should be penalized just to line the pockets of greedy businesses eager to make a quick profit.

“The Nationwide report shows that almost half the cash-points in the UK now charge, and we could soon be in a position where there are no free cash-points at all. Around 1 in 5 people already pay the charges for withdrawals, but it is worth considering that most of these withdrawals are for £10 – and for that you must pay an extra £1.50, which is an incredible 15% of your transaction. That can’t be right.

“I am sure almost every person living in Loughborough will be against ATM charges. The total cost next year for people in Britain to access their own money will be around £250 million – it is big business, but a fairly new phenomenon which we need to get a grip on.

“I will continue to lobby Ministers over this issue because we need to ensure that local people get a fair deal. Any cash-points that charge should be clearly signed, but we need to ensure there are free cash-points in local communities and that people are not being unnecessarily ripped off.”