Current account withdrawals costing more

British consumers will pay £250 million to withdraw their own cash next year, according to figures from Nationwide.

The building society warned that the number of free, bank or building society machines may drop as fee charging machines become more popular with retailers and other outlets. It said that the last year had seen a 16 per cent increase in the number of ATMs which charge.

Nationwide is due to lobby the government into changing regulations surrounding fee charging cash machines, forcing operators to use red signs indicating the fee charging status on the machine.

Stuart Bernau, executive director of Nationwide, said that fees would increase “despite the fact that public opinion is overwhelmingly against charges. In addition, there are fewer free cash machines than there were this time last year and more charging machines.

“If this pattern continues, there is a real possibility that free access to cash will not survive other than at bank and building society branches and a few other locations such as main post offices.”

Research for the company found that 97 per cent of the public support the use of red signs to indicate fee charging on cash machines.

© Adfero Ltd

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