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Over £42 million a year is taken from our pockets when we use cash machines (ATMs) for withdrawing money. If that isn't bad enough, machines charging customers are becoming more commonplace, a survey has found.
Sainsbury’s Bank, which does not charge people for using any of its 340 branded ATMs, is calling for much greater clarity on cash machine charges. Its research reveals the number of ATM machines which charge has grown by 13 times, to over 11,000, in the last three years.
The bank is aware that many consumers are confused over whether they have to pay charges for withdrawing cash and it believes that ATMs that apply these surcharges should be clearly labelled.
Last month, the Nationwide building society, which has abolished ATM charges, made a similar call.
Tim Pile, Chief Executive, Sainsbury’s Bank said: “Customers shouldn’t have to pay to use ATMs. Charging needs to be more transparent, as a large number of customers are being misled.”
“Over the past three years, there has been a substantial increase in the number of cash machines applying surcharges. We believe it should be made absolutely clear that the ATM carries a surcharge before customers start using the machine.”
“The existing on-screen notification does not meet this requirement; we believe a prominent label should be implemented as standard.”
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