To make sure you never miss out on your favourite NEW stories, we're happy to send you some reminders

Click 'OK' then 'Allow' to enable notifications

Free-To-Use Cash Machines Could Be At Risk As ATM Network Looks To Cut Costs

Free-To-Use Cash Machines Could Be At Risk As ATM Network Looks To Cut Costs

Fewer and fewer people are making cash payments.

James Dawson

James Dawson

In the USA, it's common practice to spend money on taking your own money out of your bank account - if you don't withdraw cash from an ATM operated by your own bank, not only the machine you're using charge you, but so will your bank.

Given that it's your money in the first place, it all seems a little unfair. But it's something that could soon be on the rise over here. That's because fewer and fewer people are using cash to pay for things, so demand for ATMs has declined.

As a result, proposals set to be released this week are expected to seek an overhaul of the country's 70,000 ATMs, reports The Sun.

Currently, there are 55,000 cash machines which don't charge users to withdraw cash, but ATM network Link is considering plans to close hundreds of them.

Credit: PA

The news follows figures released earlier this year that revealed just 40% of all payments in the UK were made in cash, compared to 62% in 2006. That number is predicted to fall to just 21% by 2026, according to UK Finance.

According to Link, it costs the company £1 billion a year to run. The news comes 10 months after the company got into a dispute with a number of the financial firms which use the ATM network, who moved to reduce the fees they pay.

The new proposals, which will be sent to the 30 members of Link on Wednesday, were drawn up after the working group set up in the wake of the row earlier this year failed to reach an agreement.

Credit: PA

The main fear over these latest developments is that introducing fees for customers is that the most vulnerable would be hit most by the charges.

According to The Sun, officials from Link claim that cuts to the number of cash points would be made in places where there are already several ATMs.

John Howells, the chief executive of Link, said that while the number of free-to-use machines could fall over time, protections would be put in place for customers on low incomes and that no areas of the UK would be left without ATMs.

Featured Image Credit: PA

Topics: UK News, UK