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 Give us a sign say fee-fleeced withdrawers

 

Wednesday, July 23, 2003


The overwhelming majority of people would like stickers on cash machines telling them in advance if they will be charged for making withdrawals, according to research carried out over the weekend for Nationwide Building Society.

The NOP poll shows that 95% of people would like stickers on machines to warn them of charges, rather than finding out they will be charged when they are completing the transaction.

The survey also shows that over half of all people are unaware that more machines charge for withdrawals than 3 years ago.

Stuart Bernau, executive director at Nationwide said: "This is a worrying statistic considering that during this period a massive 11,000 machines have been installed that charge between £1.25 and £1.50 per withdrawal.”

“We estimate that the British public now pays nearly £6 million a month for withdrawing their own money from cash machines, without being aware until the last minute that they will face a fee."

  • In total 84% of people think they should not have to pay to withdraw their own money from cash machines. The under 35s have the strongest views on this with nine out of every 10 thinking they should not have to pay for withdrawals.
  • By contrast, older people appear slightly more accepting of charges with 76% thinking they should not have to pay to make withdrawals from ATMs.
  • Seven out of every 10 people (71%) cannot understand why machine providers charge people to withdraw their own money from cash machines. There is clearly a need for organisations that do charge to explain to consumers why this is necessary.

"Despite recent publicity, almost six out of every 10 people are still in the dark about the fact that over the past three years there has been an 11,000 increase in the number of ATMs that charge for withdrawals," said Mr Bernau.

"We’ve campaigned long and hard on this issue, initially meeting a brick wall. We are therefore pleased that a number of other financial organisations are now taking a more responsible view on the charging issue.”

“If we achieve advance warning of charges it will be a success for common sense and transparency and Nationwide will be delighted to win a victory for the consumer.”

"The public’s view is crystal clear from our research: consumers would prefer not to pay for withdrawing their own money. But if they must pay for convenience machines they would like to have a clear indication in advance. This seems entirely reasonable and sensible and we will ensure this issue is dealt with by LINK at the next available opportunity."

 
 
     
     
 

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