13 December 2006
The cash machine taskforce chaired by John McFall MP has struck a deal with leading banks, cash machine operators and HM Treasury to provide over 600 new non-charging cash machines in Britain's lower-income areas to allow consumers easier access to their hard-earned cash.
Plans to provide "crystal clear" signs for those machines which do charge a fee for withdrawals using a credit or debit card were also approved by the working group.
The economic secretary to the Treasury praised the banks and other cash machine operators for their cooperation and stated: "Today's agreement will extend free access to cash to those who need it the most, and enable all customers to distinguish immediately between charging and non-charging machines."
Consumer watchdog Which? welcomed the news, but issued a note of caution, with senior policy adviser Pula Houghton commenting: "It is imperative that these new measures are sustainable.
"Banks and building societies must remain committed in the long-term to keeping this scheme going. Which? will be watching the scheme closely to ensure it makes a real difference for consumers."
Citizens Advice added that this was "great news for the poorest people". Teresa Perchard, director of policy at Citizens Advice, said: "Not having free access to money hits poorer people hard, forcing them to travel miles to the nearest free machine or to pay to access their money.
"Finding sites and getting planning permission does seem to be a stumbling block in some areas, so we need this joined-up approach with banks, local authorities and local groups all working together. The process must be speeded up so that thousands more people can benefit."