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Using cash point machines


 
           
     
 


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CASH MACHINES - FACTS AND FIGURES

The insidious nature of cash point machines

Have you noticed that cash points are springing up everywhere? Once they could only be found in the High Street, outside banks and building societies. But these days they can be found in shops, bars, clubs, bus stops, student unions and newsagents. Stop for a moment and consider why? Is is because the providers have a social conscience and want to give everyone easy access to their money? Of course not! The reason they put them everywhere they can is that they are extremely profitable. An ‘unofficial' cash point that charges £1.50 or more per transaction for the privilege of taking out your own money. Some cash machines charge up to £2 per withdrawal, and a few charge an extortionate £5. Think about how many many times a cash point is used every day, multiply that by the millions of locations all over the country, and you will get some idea of just how much money is made with these machines.

Identifying cash machines that charge

The 3 main companies that operate fee-charging cash machines are Moneybox, Cardpoint and Hanco. Avoid these cash machines like the plague.

The organisation that runs the cash machine network is called Link and they have made it compulsory for all fee-charging cash machines to display a clear warning to customers that they will be charged for the cash withdrawal transaction. The warning should be in the form or stickers or an on-screen message. Always check for these messages before you take out money.

Only use cash point machines that do not charge for withdrawals

Why fritter away your money on cash machines that charge for withdrawals? If you take money three times a week from a machine that charges £1.50 for each withdrawal, you are needlessly wasting £4.50 per week, or put another way, £234 per year.

Minimum purchases

Another way card providers encourage you to waste money is the minimum purchases rule (eg you must spend over £5 to pay using your card). If you want to use use your card, you find yourself buying things you do not want or need purely for the convenience of using your card.

Get into the habit of being a cash spender

The secret to saving money is to official cash machines that do not charge, and to take out enough money so that you do not need to use a card when paying for purchases. This may require a bit of planning - you will need to identify the nearest 'free' cash machine and think about how much money you will need to take out to last you the week.

 

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