Choice

[flashpig]

Is there anything being done to keep some choice between paying and non paying cashpoints? At the moment all there are around me is cashpoints that charge. I know which I would choose if offered a free one or one which charges me to get MY money.

I have nothing to choose between, they all charge �1.50. That doesn't seem to be a choice to me at all. They are all as bad as each other, and I'll bet if one cashpoint increases its fee they all will.

There doesn't seem to be any choice in it. Will or can the government do anything about it, they seem to be all pumped about choice or competetiveness, or choiceatization - whatever their word is. It just seems to be all wrong, that I have to pay to use my money, like some warped tax.

Anyway, what's this all about? How can they do this?

[Gevs1966]

All Cash machines operated by banks or building societies are free. Privately run cash machine services are the only ones that can charge you and they charge you for the service you are using (ie not having to go out and find a bank to get money). These cash machines are situated in areas where there is no quick access to banks or their machines

[Oneeyedvic]

The people who get are fee are not the bank who hold your money - they are a third party company. You are paying for convenience.

 

Very simply, if you want to get at your money - go to your bank - they won't charge you anything.

Alternatively, you can also get cash back from your local supermarket.

[stevie21]

As mentioned, some privately run companies operate cash machines and they have to pay for the installation, maintenance, refilling with cash etc. etc.
Charging �1.50 per transaction more than covers these costs and I agree that the charge is too high but I can understand why they apply a charge of some sort as they have their costs to cover and profits to make.

Sounds like you'll just have to get into the habit of using cashback, using your bank's cash machines whenever you are near them or just finding an alternative to cash (debit card? Barter?).

[january_bug]

Ditto the other three answers.  It's the free market.  Simple as that. 

[Peter Pedant]

Come on Flashie

which uni are you at ?

Draw money at a bank and not your local offie

inconvenient perhaps but you know....

[january_bug]

Hang on - if flashpig's at uni, (s)he'll be like I still am - drawing the bank's money cos you're living of your overdraft!  flashpig clearly states it's about HIS/HER money.  It's a rare student that doesn't have a loan, an overdraft, a credit card, OR student support in any way shape or form!

[january_bug]

"student suport" should have read "parental support".  Ooops.

[flashpig]

I'm not at uni, I just live in a normal street with no banks immediately around, I'd say a 45 minute return journey to a bank, ditto for a shop that does cashback.

There are no bank-run cashpoints but there are 5 cashpoints in a 10 minute walking distance that charge. One in a pub, three in local shops, and one in a garage forecourt. It's obvious that this area needs a cashpoint, it's just the only ones we're offered is the fee paying ones.

P.S - that can't be true about all cash machines operated by banks or building societies being free. One of the ones that charges �1.50 is run by Allience & Leicester. So there we go.

[Gevs1966]

I should have said all cash machines directly linked/operated by banks and building societies are free.

Alliance and Leicester and The Co-op bank apply charges to their "convenience machines".

See link

http://www.link.co.uk/atm/mn_charges.html

[january_bug]

But the bottom line is that of course they can do it.  They're not charing you for your money, they're charging you for your convenience.  We all know we pay more for a pint of milk on the doorstop or in the cornershop than in the supermarket, because of the convenience.  To save money on the milk, people go to the supermarket.  To save money on your cash - just take more out when you're in a larger town.  End of.