UK Regulator Warns Banks and Independent ATMs not to Leave Consumers Without Access

The UK’s Parliament Treasury Committee said the  needs to keep a close eye on a disagreement between banks and independent ATMs; with banks closing branches the worry is people living rural communities won’t have access to cash if they are unable to use these ATMs; the argument came about when the Link scheme said they were looking to lower the cost of withdrawal from 25p to 20p to stay competitive because operator like Visa were undercutting them; the Regulator is looking to ensure access to cash as that is still the main way people in these areas transact; as banks have closed ATMs, independent ATMs have grown significantly and are a crucial part of the financial system. Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.