It seems Britain is becoming a materialistic society beyond belief. Each and every business tries to squeeze money out of their loyal customers in any way they can and banks who jointly make billions in profit are no exception, the five biggest banks made a mouth-watering profit of £30 billion in 2018.
First it was overdraft charges even on few pounds overdrawn; their interest rates would put crooked money lenders in shade.
Now banks would like to introduce ATM charge of £1 per transection to withdraw your own money using ATM situated in easily accessible places, like Post Offices and Supermarkets which we visit on most days, even though our bank current account may hold considerable sum without earning interest.
This will affect people living in rural areas most, as most bank branches have been closed and replaced by ATM. The original aim behind introduction of ATM was to reduce queues of people wanting to withdraw cash at local branches, thus enabled banks to reduce staffs, to reduce wage bills and increase their profits for shareholders!
Removing ATM could prove counter-productive if people are forced to queue at bank branches, forcing banks to employ more cashiers. It seems banks and indeed many other businesses are trying to create cash-free lifestyle by using our credit cards and online banking which may not suit older generation who do not trust online banking when these very banks are losing millions of pounds in rampant frauds affecting many customers.
Some 3200 ATM dispatching free money have been withdrawn while others have been converted to fee charging ATMs. It would not be long before free cash dispensing ATMs disappear completely.
It is time for the government to step-in and protects OAPs, chronically sick and disable people who would be most affected if ATMs are reduced in numbers and bank customers are forced to pay withdrawal charges.
Some OAPs may be tempted to put large sum under the mattress, a bonus for thieves and muggers! Government can use main and sub post-offices to have free cash dispensing ATMs, at least for Post Office customers, if not for everyone!
Kumudini Valambia
By email
